On October 24, 2024, Hong Kong's stock market experienced a significant sell-off, reflecting investors' dwindling expectations of interest rate cuts by the Federal Reserve and the looming uncertainty surrounding the tight US presidential election, which will shape the future of US-China relations.

The Hang Seng Index (HSI) plunged 1.30%, while the Hang Seng Tech Index (HSTECH) suffered an even steeper decline of 2.64%. Several prominent stocks witnessed substantial losses, including Kingdee International (00268), which plummeted 6.75%, and Xinyi Solar (00968), down 5.53% following a cautious report from JPMorgan ahead of its third-quarter earnings release.

The lithium sector also felt the pressure, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) dropping 4.21% each, as the relatively loose supply-demand balance and increased production raised concerns about an immediate price reversal.

Other notable decliners included Meituan-W (03690), which fell 4.1%, BABA-W(09988) down 3.2%, SMIC(00981) shedding 2.2%, TENCENT(00700) declining 1.5%, while HORIZONROBOT-W(09660) bucked the trend with a 2.8% gain.