Hong Kong stocks started the week in the red after a closely watched call between US President Donald Trump and Chinese counterpart Xi Jinping failed to provide a fresh impetus to investors.

The Hang Seng Index fell 200.96 points, or 0.76%, to 26,344.14, while the Hang Seng China Enterprises Index declined 101.62 points, or 1.07%, to 9,370.73.

The leaders discussed a range of topics, including a potential TikTok deal, trade, fentanyl, and the Russia-Ukraine war, the South China Morning Post reported.

The call offered positive signals but little tangible progress, according to Kenny Ng Lai-yin, a strategist at Everbright Securities International.

He pointed to the TikTok deal as evidence that "China is making compromise," though markets would have welcomed the outcome more if the opposite were true.

Other analysts noted that investors are unlikely to see substantive progress on trade until later this year.

In corporate news, Pateo Connect Technology (Shanghai) (HKG:2889) launched its initial public offering, seeking to raise as much as HK$1.07 billion via the sale of 10.4 million shares at an indicative price of HK$102.23 apiece.

Elsewhere, Warren Buffett's Berkshire Hathaway completely exited BYD (HKG:1211, SHE:002594), with a filing by its energy subsidiary showing the value of the investment marked at zero as of March, down from $415 million at the end of 2024.

Shares fell over 3% in Hong Kong.