Hong Kong equities ended lower on Tuesday, giving back modest gains amid thin pre-holiday trading as investors stayed cautious heading into the Christmas break, despite broadly supportive policy signals.

The Hang Seng Index fell 27.63 points to end fractionally lower at 25,774.14, while the Hang Seng China Enterprises Index dropped 25.85 points, or 0.3%, to 8,913.83.

Near-term sentiment remained restrained, even as longer-term outlooks stayed constructive.

Goldman Sachs strategists expect the rally in Chinese equities to extend into next year, according to a South China Morning Post report.

Separately, China said it would step up urban renewal efforts and deepen measures to stabilise the property market in 2026, according to a readout from a housing policy work conference.

Hong Kong's stock market will trade for half a day on Wednesday and remain closed on Thursday and Friday for the Christmas holiday.

In corporate news, three companies made their trading debuts.

Nuobikan Artificial Intelligence Technology (HKG:2635) surged 364% to close at HK$371, compared with its offer price of HK$80.

QingSong Health Corporation (HKG:2661) ended the session 159% higher at HK$58.70, versus its offer price of HK$22.68.

Hanx Biopharmaceuticals (HKG:3378) closed 46% lower at HK$17.20, compared with its offer price of HK$32.

Meanwhile, Kuaishou Technology (HKG:1024) slumped nearly 4% after the Chinese short-video platform said it had suffered a cyberattack.