结束上攻，转跌！

Market Overview - After two consecutive days of gains, the Hong Kong stock market experienced weakness and volatility on October 22, with the Hang Seng Index closing down 0.94% at 25,781.77 points, the Hang Seng Tech Index down 1.41%, and the Hang Seng China Enterprises Index down 0.85% [4][5] - Southbound capital saw a net inflow of approximately 10 billion HKD today [5] Sector Performance Technology Sector - The technology sector saw widespread declines, with major stocks such as NetEase and BYD Electronics dropping over 4%, and Kuaishou, Bilibili, and Baidu Group falling over 2% [7][8] Banking Sector - The banking sector was active, with Agricultural Bank of China reaching a new high, closing up 1.56% at 5.85 HKD per share. Other banks like Chongqing Bank, Zheshang Bank, and CITIC Bank also saw gains exceeding 1% [10][11] Pharmaceutical Sector - The innovative drug sector opened high but closed lower, with the Hang Seng Innovation Drug Index down 2.46%. After a significant deal, Innovent Biologics saw its stock price drop nearly 2% by the end of the day [22][23] Gold Sector - The gold sector faced pressure due to a sharp drop in international gold prices, with companies like Lingbao Gold down 4.75% and major jewelry stocks also declining [12][13] Notable Company Developments Agricultural Bank of China - Agricultural Bank of China reported a market capitalization of 300.87 billion HKD and a premium of 51.47% compared to its A-share price [11] Innovent Biologics - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical involving three core assets, with an upfront payment of 1.2 billion USD and potential milestone payments of up to 10.2 billion USD [23] Lingbao Gold - Lingbao Gold announced a 4.5% discount on the placement of 3.71 million H-shares, aiming to raise approximately 2.707 billion HKD for inventory reserves and store expansion [17][18] Guanghe Communication - Guanghe Communication debuted on the Hong Kong Stock Exchange, closing down 11.72%. The company reported a revenue decline of 9.02% year-on-year for the first half of 2025 [25][26]