On December 3, 2025, the Hong Kong stock market saw a decline across major indices. The Hang Seng Index (HSI) fell by 1.28%, the Hang Seng China Enterprises Index (HSCEI) dropped by 1.68%, the Hang Seng Tech Index (HSTECH) decreased by 1.58%, and the Hang Seng Composite Index (HSCCI) was down by 0.90%.

XPeng down over 4%; ZTE, Nio, 3SBio, Bilibili down over 3%; Alibaba, SMIC, BYD Company down over 2%; China Gold Intl up over 1%; Chalco up 4%

In terms of industry concepts, the gold sector experienced notable gains. Success Dragon rose by 17%, Zijin Gold International increased by 3.43%, and Persistence Resources along with Zhaojin Mining each went up by about 2%.

Among individual stocks, Alibaba fell by 2.17%. The Hong Kong options market saw a high volume of 312,317 contracts traded in the morning, with significant interest in high-priced call options for both Meituan and Alibaba, indicating increased market attention towards these two giants.

Chalco rose by 4.09% after announcing plans to acquire stakes in three subsidiaries, which is expected to optimize its equity structure, strengthen control, and enhance its core business development.

Geely Auto fell by 1.52% after issuing 12,000 ordinary shares due to the exercise of stock options, completing a share issuance.

XPeng dropped by 4.25% to a four-month low after reporting November sales of 36,728 units, a month-on-month decline. The company's third-quarter gross margin also fell, raising market concerns about the sustainability of its multi-line layout. The overall auto sector was under pressure, with increasing market differentiation.

InnoScience fell by 1.54% despite winning a 337 investigation lawsuit against Infineon, with the U.S. International Trade Commission ruling that InnoScience did not infringe on the two involved patents, clarifying its intellectual property status and aiding its global development.