China Indexes Lacked Momentum Amid a Lack of Investor Enthusiasm

Li Chen
09 Dec, 2025
Hong Kong

Stocks in China and Hong Kong faced another wave of selling amid a lack of enthusiasm from investors. 

The Hang Seng Index decreased nearly 1%, and the mainland-focused CSI 300 index eased 0.2% as investors stayed on the sidelines ahead of announcements from the annual economic conference. 

Investors dialed down stimulus expectations after a statement from the December Politburo meeting showed a lack of urgency for measures to support economic expansion and few details about policy priorities for 2026.  

China's annual Central Economic Work Conference is seen by investors as a platform for policymakers to set next year's economic agenda and set an economic growth target.

Investors expect China's top economic forum to set an annual economic growth target between 4.0% and 4.5%, which is lower than the 5.0% target in 2025.

Foreign investors in Hong Kong avoided adding new stock positions amid uncertainty about the number of U.S. rate cuts in 2026. The U.S. Federal Reserve is widely expected to lower interest rates at the end of its 2-day policy meeting and update economic projections for 2026. 

 

China Indexes and Stocks

The Hang Seng Index decreased 0.8% to 25,549.94, and the mainland-focused CSI 300 index fell 0.2% to 4,615.33.

Chipmakers traded down after the Trump administration allowed Nvidia to export its H200 artificial intelligence chip to China. 

SMIC dropped 2.7% to HK $70.10, Xiaomi Corp. fell 2.2% to HK $41.42, Alibaba Group Holding decreased 1.5% to HK $152.70, and Baidu Inc. declined 2.3% to HK $122.90. 

Nongfu Spring Co. Ltd. declined 0.5% to HK $46.86, Pop Mart International Group fell 4.4% to HK $192.30, and Mixue Group decreased 1.6% to HK $392.60.