The three major Hong Kong stock indices all fell collectively. As of the close, the Hang Seng Index dropped 0.62% to 24,130.50, the Hang Seng Tech Index fell 0.68%, and the State-Owned Enterprises Index declined 0.57%.

In terms of sector performance, internet technology stocks were mostly lower. Alibaba fell more than 2%, while Baidu, Kuaishou, Tencent, and Xiaomi each dropped over 1%. Meanwhile, NetEase, Bilibili, and JD.com gained more than 1%.

Nuclear power stocks were active, with CGN Mining rising more than 5%. On Tuesday, reports emerged that Google signed a 20-year power purchase agreement with Constellation Energy, the largest nuclear power operator in the United States. The deal will add 890 megawatts (MW) of reliable nuclear capacity to the PJM interconnection grid, create approximately 7,200 jobs, and involve investments of up to $4.3 billion.

Memory chip concept stocks led the decline, with Montage Technology dropping more than 6%. Samsung Electronics and SK Hynix are set to release their third-quarter earnings reports. Over the past three months, analysts have lowered Samsung Electronics' revenue and profit expectations by 2.6% and 4.4% respectively, and cut SK Hynix's forecasts by 5.3% and 5%. This is mainly attributed to the stronger Korean won, which has reduced dollar-denominated sales. It is reported that the Korean won appreciated by approximately 14% against the US dollar cumulatively in the third quarter.

Innovative drug concept stocks suffered heavy losses, with Genscript Biotech plunging more than 12%. Since June, the Hong Kong biopharmaceutical sector has experienced a round of recovery, with the Hang Seng Biotech Index posting significant cumulative gains during the period, and many individual stocks doubling from their year lows. Among them, Genscript Biotech climbed from a low of HK$10.62 per share in June to a high of HK$49.46 per share on October 6, a gain of over 300%. After this rally, some funds chose to take profits and exit, which intensified the downward pressure on the sector.