On the morning of September 11, 2025, the three key indices of the Hong Kong stock market closed in the red together, putting an end to a four-day winning spree. The Hang Seng Index managed to stay just above the 26,000-point mark. After a series of consecutive gains, market sentiment took a cautious turn.

The performance of most large-cap tech stocks was lackluster. Meituan saw its shares decline by nearly 4%, while Baidu, JD.com, and Kuaishou all experienced drops exceeding 2%.

Biomedical stocks took a significant hit, triggered by reports from U.S. media regarding restrictions on Chinese pharmaceutical companies. This led to substantial declines in stocks within the innovative drug sector. Other sectors, including film and entertainment, new consumption, sporting goods, automobiles, and aviation, also generally witnessed a downward trend.

On the flip side, semiconductor chip stocks made a remarkable surge. Innoscience's shares jumped by over 10%, and SMIC's stock rose by 6%. Non-ferrous metal stocks were quite active in the market. Additionally, Chinese brokerage stocks, heavy machinery stocks, military-related stocks, education stocks, coal stocks, and Apple concept stocks all registered gains.