Hong Kong stocks ended the week in red as US President Donald Trump announced a new slate of tariffs on pharmaceutical goods and as markets followed trade updates.

The Hang Seng Index fell by 356.48 points, or 1.35%, to 26,128.20, while the Hang Seng China Enterprises Index decreased 141.12 points, or 1.49%, to 9,303.10.

The Trump administration plans to impose 100% tariffs on brand-name or patented pharmaceutical products entering the United States starting Oct. 1, though companies that are building manufacturing facilities within the country will be provided exemptions.

Meanwhile, senior officials from China and the United States agreed to continue communicating with each other to iron out differences between the two countries following a meeting in New York on Thursday, the South China Morning Post reported.

In corporate news, CF PharmTech (HKG:2652) launched its initial public offering in Hong Kong, seeking to raise up to HK$607.7 million via the sale of 41,198,000 shares at HK$14.75 apiece.

Meanwhile, Horizon Robotics (HKG:9660) is looking to raise HK$6.38 billion via the sale of 639,028,800 shares at HK$9.99 apiece.

Horizon Robotics said it would use proceeds from the offering to expand its business, particularly overseas. Shares of the robotics company were down over 8% at close.