Hong Kong stocks retreated from a three-week high before a major policy conference in Beijing next week, as a new round of US-China tech curbs and worries about another trade war unsettled investors.

The Hong Kong stock market closed with mixed results. The Hang Seng Index (HSI) fell by 0.92%, the Hang Seng Tech Index (HSTECH) decreased by 0.77%.

In terms of sectors, the blockchain concept stocks saw significant gains, with Boyaa ($00434$) surging 22.49% due to Bitcoin's price breaking the $100,000 mark for the first time, leading to a collective rise in related stocks. Meitu ($01357$) also rose by 6.29% after selling its cryptocurrency holdings for a substantial profit, which it plans to distribute as a special dividend.

Among individual stocks, Meituan ($03690$) fell 3.6%, Alibaba($09988$) fell 2.4%. Tencent ($00700$) increased by 0.50%, while Xiaomi-W ($01810$) rose by 1.20%, and BYD Electronic ($00285$) surged by 5.19%. Kingsoft Cloud ($03896$) saw a significant increase of 12.85%, and Mobvista ($01860$) rose by 6.40%.

Robosense ($02498$) saw a substantial rise of 21.91%, and Fourth Paradigm ($06682$) increased by 10.27%. Yidu Tech ($02158$) rose by 5.75%, and AInnovation ($02121$) gained 5.35%.

President Xi Jinping and top policymakers will gather at the annual central economic work conference next week, which is expected to spell out the nation’s major development policies for 2025. The meeting may offer clues on how China will respond to possible new US tariffs.

China will ban the exports of critical minerals to the US, after Washington curbed shipments of advanced semiconductors to China. President-elect Donald Trump has pledged to imposed fresh tariffs on Chinese goods on his first day in office next month.

“Trump’s re-election, together with the recent tech curbs by the US, has weighed on risk appetite and liquidity,” said Wu Xinkun, an analyst at Haitong Securities. “The market is worried about a potential escalation of the China-US tensions, which will hold back China’s economic fundamentals.”