On December 19, 2024, the Hong Kong stock market opened with a general decline. The Hang Seng Index (HSI) fell by 1%, the Hang Seng China Enterprises Index (HSCEI) decreased by 0.84%, the Hang Seng Tech Index (HSTECH) dropped by 1.23%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 0.4%.

In terms of sectors, the Hong Kong technology sector saw a significant decline, with TENCENT down by 0.69%, ALIBABA down by 1.55%, and MEITUAN down by 1%.

LI AUTO-W rose by 0.7%. Li Auto and the China Aerospace Science and Industry Corporation's Space Materials Institute jointly established the "Advanced Thermal Insulation Materials Joint Laboratory" in Beijing and released a new battery insulation product, "Nano Yidun" material. This material is designed for Li Auto's power battery thermal safety protection, significantly improving the safety margin of the battery system under extreme conditions.

NIO-SW dropped by 2.9%. Nio completed the construction of a high-speed battery swap network between major cities nationwide, becoming the first and only car company to complete the layout of high-speed mainline charging facilities across the country. Nio's highway battery swap stations have reached 913, connecting more than 700 cities.

GCL TECH fell by 8.3%. GCL Technology plans to place up to 1.56 billion shares, raising approximately HKD 1.53 billion.

HERBS GROUP surged by 18.67%. According to the Hong Kong Stock Exchange announcement, the retail portion of Herbs Group's Hong Kong IPO was oversubscribed by approximately 6084 times, increasing from 3.33 million shares to about 16.7 million shares. The number of shares allocated to institutional investors decreased from the initial 30 million shares to 16.7 million shares. The international offering was oversubscribed by 1.79 times. The Hong Kong IPO was priced at HKD 3.75 per share, at the bottom of the guidance range of HKD 3.75-4.15 per share. Herbs Group performed strongly in the Futu dark market, with an increase of over 25% and a turnover of more than HKD 8.8 million, becoming the most oversubscribed IPO in the Hong Kong market this year.