The Hang Seng Index fell 331 points throughout the day, with chip and domestic property stocks showing weakness, while Chinese biotech stocks rose steadily

Investors are waiting for the results of this week's Federal Reserve meeting. The Hang Seng Index opened 15 points higher, briefly rising 54 points to a high of 25,820 points, but the upward momentum was weak, and it fell to a low of 25,386 points at the close, ending the day at 25,434 points, down 331 points or 1.3%, marking two consecutive days of decline; the National Index fell 147 points or 1.6%, closing at 8,936 points; the Hang Seng Tech Index dropped 107 points or 1.9%, closing at 5,554 points. The total market turnover for the day was HKD 210.236 billion.

The U.S. Congress is expected to pass a bill restricting Chinese biotech companies from obtaining government funding contracts, leading to a counter-trend rise in biotech stocks. WuXi Biologics (02269.HK) rose 1.9%, making it the best-performing blue-chip stock, while its parent company WuXi AppTec (02359.HK) also increased by 1.1%. China Biologic Products (01177.HK) rose 1.3%. Sanofi (02257.HK) surged 10.8%. Zai Lab (01672.HK) saw its GLP-1 drug ASC30 for obesity treatment achieve positive results, with its stock price rising 18%.

In the tech sector, a self-driving taxi accident involving a passenger in mainland China led to Baidu-SW (09888.HK) falling 3.5%. Alibaba-W (09988.HK) dropped 1.6%. Tencent (00700.HK) fell 0.4%, with Tencent QQ announcing the return of the classic mode on PC. Xiaomi-W (01810.HK) decreased by 3.1%, with a personnel adjustment in the group, as the president of the China region, Wang Xiaoyan, also took on the role of general manager of sales operations. Bilibili-W (09626.HK), Kuaishou-W (01024.HK), and Meituan-W (03690.HK) fell between 2.2% and 3.6%. Lenovo (00992.HK) dropped 1.5%, and JD-SW (09618.HK) fell 1.1%.

U.S. President Trump announced that NVIDIA (NVDA.US) is allowed to sell H200 chips to China, causing chip stocks SMIC (00981.HK) and Hua Hong Semiconductor (01347.HK) to drop 4.1% and 5.4%, respectively. Data center stock GDS Holdings (09698.HK) rose 2.4%. As for SenseTime (00020.HK), it fell 1.4%.

Agile Group (03383.HK) has been presented with a winding-up petition, and its stock price fell 18.4% for the day. Other domestic property stocks were also under pressure, with Longfor (00960.HK) down nearly 6%, Sunac (01109.HK) and China Overseas (00688.HK) falling 3.8% and 3.2%, respectively, and Vanke (02202.HK) down 3.5%.

Brilliance China (01114.HK) rose 4.9%, with Citigroup reiterating its "Buy" rating and raising the target price to HKD 4.8. Other automotive stocks Nio (09866.HK), XPeng (09868.HK), Li Auto (02015.HK), Geely (00175.HK), and BYD (01211.HK) fell between 0.3% and 2.8% Heavyweight financial stock HSBC (00005.HK) rose 0.4%. AIA (01299.HK) fell 0.8%. Hong Kong Exchanges and Clearing (00388.HK) launched the "HKEX Technology 100 Index" to track 100 technology companies listed in Hong Kong, and also optimized the collateral arrangements for over-the-counter clearing companies, with its stock price dropping 0.8%. In addition, China Life (02628.HK) fell 4.1%.

Among the three oil giants, PetroChina (00857.HK), CNOOC (00883.HK), and Sinopec (00386.HK) all fell over 2%. Zijin Mining (02899.HK) dropped 4.2%.

China National Gold (03939.HK) was added to the list of eligible securities for the Hong Kong Stock Connect by the Shenzhen Stock Exchange, with its stock price falling 4.9%. As for Xinyi Glass (00868.HK), it plummeted 8.1%, making it the worst-performing blue-chip stock, while its affiliate Xinyi Solar (00968.HK) also fell 4.6%.

Pop Mart (09992.HK) continued to decline by half, with Morgan Stanley predicting that Labubu's revenue growth will significantly slow down next year. New consumption concept stocks BlueFocus (00325.HK) and Laopuhuangjin (06181.HK) fell 1.8% and 2.9%, respectively.

China Metallurgical Group (01618.HK) divested non-core assets to cash out over 60 billion yuan, with its stock price plunging over 21%