Market Performance: The HSI fell by 251 points (0.9%) to close at 26,458, while the HSCEI and HSTECH also experienced declines of 1.1% and 1.5%, respectively, with total market turnover at $276.134 billion.

Tech Stock Movements: Major tech stocks like BABA-W and TENCENT saw significant drops, with BABA-W down 3.2% after a downgrade, while other tech companies also faced declines in short selling ratios.

Chip Stocks Trends: While some chip stocks like HUA HONG SEMI and BIREN TECH saw gains of over 5%, others like SMIC and BIDU-SW experienced slight declines, indicating mixed performance in the sector.

Pharmaceutical Sector Gains: The pharmaceutical sector showed strong performance, with several companies like 3SBIO and REMEGEN surging over 7%, reflecting positive investor sentiment in this industry.

Clinical Development Announcement: HUTCHMED has initiated a global Phase I clinical development program for HMPL-A251, a novel PI3K/PIKK-HER2 Antibody-Targeted Therapy Conjugate.

Study Details: The first patient received the treatment in China, with the study evaluating HMPL-A251 monotherapy in adults with advanced or metastatic HER2-expressing solid tumors across sites in the US and China.

HKEX Tech 100 Index Launch: HKEX has introduced the HKEX Tech 100 Index, its first Hong Kong equity index, which tracks 100 major Hong Kong-listed companies across six innovative sectors, including AI and biotech.

Accessibility for Investors: The index allows for Stock Connect Southbound trading, making it accessible to both global and Chinese Mainland investors, and includes a fast-entry mechanism for newly-listed companies.

Short Selling Data: The article provides detailed short selling data for various companies within the index, highlighting significant short selling ratios for several constituents.

Market Performance: The report includes stock performance changes for various companies, indicating fluctuations in share prices alongside their respective short selling activities.

Contract Renewal: HUTCHMED announced the renewal of its contract with China's NHSA, ensuring that Elunate, Orpathys, and Sulanda will remain on the National Reimbursement Drug List effective January 1, 2026.

Tazverik Inclusion: Tazverik has been added to the National Commercial Health Insurance Innovative Drug List for treating adult patients with relapsed or refractory follicular lymphoma with EZH2 mutation after at least two prior systemic therapies.

Market Activity: The stock experienced a short selling of $13.32 million, with a short selling ratio of 15.723%.

Stock Information: HK stocks quote is delayed for at least 15 minutes, and short selling data is current as of December 5, 2025.

Tariff Announcement: US President Donald Trump will impose a 100% tariff on imported branded or patented finished drugs starting in October, unless manufacturers establish production facilities in the US; generic drugs and certain intermediates will be exempt.

Impact on Chinese Drug Companies: The tariff's effect on China's innovative drug sector is expected to be minimal, as few companies export directly to the US, with many having production capabilities in the US or using local contract manufacturers.