On November 21, 2025, the Hong Kong stock market closed with significant declines. The Hang Seng Index fell by 2.38%, the Hang Seng China Enterprises Index dropped by 2.45%, the Hang Seng Tech Index decreased by 3.21%, and the Hang Seng Composite Index declined by 1.63%.

In terms of sectors, the technology sector experienced notable declines. KUAISHOU-W fell by 1.46%, and XIAOMI-W managed a slight increase of 1.01%. The lithium sector was hit hard, with GANFENGLITHIUM plummeting by 12.47% and TIANQI LITHIUM dropping by 11.93%. The insurance sector also saw significant declines.

BABA-W dropped by 4.65%. The active trading of Alibaba call options, with a target price of HKD 180, indicates market optimism despite the overall decline.

XIAOMI-W increased by 1.01%. Despite the overall tech sector downturn, Xiaomi's announcement at the Guangzhou Auto Show about nearing its annual delivery target of 350,000 vehicles and the completion of 500,000 units showcased its rapid growth, providing some positive momentum.

GANFENGLITHIUM fell by 12.47%. The sharp decline in lithium carbonate futures prices and the adjustment of trading fees by GFEX significantly impacted major lithium mining stocks, reflecting market concerns over the sector's near-term outlook.

TIANQI LITHIUM dropped by 11.93%. Similar to Ganfeng Lithium, Tianqi Lithium was affected by the decline in lithium carbonate futures prices and trading fee adjustments, leading to a significant drop in its stock price.