On November 21, 2025, the US stock market plunged due to a sharp drop in the stock price of Nvidia (NVIDIA), dragging down across the board. Mainland A-shares also showed significant declines, while the Hong Kong stock market remained weak throughout the day.
The Hang Seng Index opened lower by 375 points, plummeted by 656 points at one point during the trading day, and closed at 25,220 points with a loss of 615 points (a decrease of 2.4%), with a turnover of 285.7 billion. The CSI Index fell by 2.5%, and the ChiNext Index dropped by 3.2%.
Tencent (00700) fell by 1.9%, Alibaba (09988) plunged by 4.8%, Meituan (03690) dropped by 3.0%, JD.com (09618) decreased by 2.8%, Hong Kong Exchanges and Clearing (00388) fell by 2.2%, and HSBC Holdings (00005) slipped by 2.3%. The top-performing and worst-performing blue-chip stocks were Longfor Properties (00960), up by 1.4% against the market trend, and JD Health (06618), down by 8.6%.
According to Bloomberg, HSBC Holdings (00005) is restructuring its trading business, focusing on debt financing. The interest rate trading department of the 10-country group will be merged with the foreign exchange, emerging market interest rates, and commodities departments to form a new global macro trading department, while the derivative tools settlement service will be integrated into the global equity team.
Miniso (09896, down 2.6%) reported a third-quarter non-IFRS adjusted net profit of 767 million RMB, an increase of approximately 12% year-on-year. As of the end of September, the total number of group stores increased to 8,138, with a net increase of 718 stores year-on-year.
In other news, The Wall Street Journal reported that CK Hutchison (00001) plans to spin off its Watsons Group for separate listings in Hong Kong and the UK, raising up to $2 billion (approximately 15.6 billion Hong Kong dollars). Related listing preparations have begun, and the IPO is expected to start as early as the first half of next year. CK Hutchison and Watsons Group have not responded to inquiries about the news.
GUM, a Mandatory Provident Fund (MPF) advisory company, released a statement stating that as of November 18, 2025, the MPF market experienced an adjustment in November, with the overall performance turning from positive to negative. According to the GUM MPF Comprehensive Index, the return for November was a decline of 1.3%, while the cumulative return for the year to date still stands at 14.7%. On a per capita return basis, a loss of 4,042 Hong Kong dollars was recorded for the first half of the month, bringing the year-to-date cumulative return down to 40,155 Hong Kong dollars.
As of the time of publication, Brent crude oil fell by 1.0% to $62.6 per barrel, with the “three oil giants” showing weakness: CNOOC (00883) fell by 3.8%, PetroChina (00857) decreased by 1.9%, and Sinopec (00386) dropped by 2.9%.