The Hang Seng Index fell 76 points, or 0.3%, to finish at 26,924 on Thursday, reversing early strength and closing in the red for the first time in five sessions.
Sentiment turned sour as mainland stocks dropped for a third straight day ahead of key data next week, including Q4 GDP and December activity indicators such as industrial output and retail sales.
Risk appetite also faded following extended losses on Wall Street on Wednesday.
Meanwhile, Chinese regulators unexpectedly tightened margin requirements to cool stock markets where turnover and leverage bets had surged to record highs.
Notable losses in tech and consumer shares in the city outweighed gains in property and financials.
Trip.com plunged 18.7% after regulators launched an antitrust probe, while Alibaba Hong Kong slipped 2.1% following upgrades to its Qwen AI app aimed at consumer markets.
Other notable laggards included Kuaishou Technology (-2.8%), Pop Mart Intl. (-1.5%), and China Hongqiao Group (-1.3%).

Sumber : Trading Economics