On Tuesday, November 12, 2024, the Hong Kong stock market experienced significant declines across major indices. The Hang Seng Index (HSI) fell by 2.84%, the Hang Seng China Enterprises Index (HSCEI) dropped by 3.11%, the Hang Seng Tech Index (HSTECH) decreased by 4.19%, and the Hang Seng Composite Index (HSCCI) was down by 2.45%.

In the sectoral performance, e-commerce stocks saw notable declines. Meituan fell by 5.33%, JD.com dropped by 5.01%, and Alibaba decreased by 3.77%. The banking sector also faced losses, with China Merchants Bank down by 2.34%. In the automotive sector, BYD Company saw a slight decline of 1.01% following changes in its joint venture with Guangzhou Automobile Group.

Other significant movements included Xiaomi, which fell by 2.90%, and Baidu, which dropped by 4.01% after releasing new AI technologies at the World 2024 Conference. CITIC Securities declined by 2.87% amid broader losses in Chinese brokerage stocks, with Huatai Securities down by 5.27% and CSC Financial falling by 6.08%. China Hongqiao saw a sharp decline of 8.70% despite a positive research report from HSBC Global Research. NIO also experienced a significant drop of 6.75%.

The market was influenced by various factors, including sector-specific news and broader economic sentiments.