Hong Kong equities dipped 83 points, or 0.3%, to 26,750 on Thursday morning deals, marking the fourth straight decline as traders responded to reports that China launched export controls on rare earth production technology amid mounting rivalry with the U.S. Financials led losses, down 1.7%, after fresh data showed the city’s forex reserves hit a 5-month low in September, the third monthly drop. On the corporate front, HSBC Holdings proposed to privatize Hang Seng Bank in a USD 37.3 billion deal, sending Hong Kong HSBC shares tumbled over 5% while Hang Seng Bank surged almost 30%. Tech stocks also fell as U.S. lawmakers pushed for broader curbs on chipmaking tool exports to China. Consumer shares weakened due to persistent deflationary pressures in China. Among top decliners were pharma names such as Innovent Biologics (-9.0%), Sino Biopharma (-6.7%), and Wuxi Biologics (-3.4%). Losses were partially offset by the resumption of mainland trading after the eight-day National Day holiday.