Hong Kong stock market closed lower on Tuesday. The Hang Seng Index (HSI) fell by 0.08%, the Hang Seng China Enterprises Index (HSCEI) decreased by 0.15%, the Hang Seng Tech Index (HSTECH) dropped by 0.76%.

RONGTA TECH experienced a significant surge of 42% in IPO debut, making it one of the top gainers. NEWTREND GROUP also saw a substantial increase of 21%. China Rareearth up 13%. Nio up 2%; Alibaba down 0.4%; Kuaishou, Xiaomi, JD.com down over 1%; Meituan down 2.7%.

Pop Mart stock surged over 3%, hitting fresh record high. In response to the soaring popularity of IPs like Labubu, POP MART is clearly adhering to a strategy of long-term IP operation, strictly controlling the pace of new releases, collaborations and product launch to avoid depleting IP value, Huatai Securities published a research report saying.

Mixue Group down over 6%. While Mixue Group is the largest and most outstanding freshly made tea beverage brand in China, BofA Securities believed that its fundamentals might not be able to support its current valuation. The recent rally has been driven by capital inflows, but much of the good news has already been priced in. The broker emphasized that capital flows couldn't support the share price forever.