The allegations have been met with scepticism from security experts and commentators in the southern Chinese city, who questioned its timing ahead of the vote, expected Friday.
Police said one of the ten suspects had claimed to be a member of a "radical local group", but would not name the group or specify motives.
They said maps of central Hong Kong districts had been found and warned anyone taking part in public gatherings to stay away from "violent protesters".
All 10 suspects were arrested yesterday "on suspicion of conspiracy to manufacture explosives" and detained overnight. The tenth, a 58-year-old man, was taken into custody at the northern border point of Lo Wu late yesterday.
Police also seized chemicals at an abandoned television studio in the eastern district of Sai Kung yesterday, with some detonated at the scene.
A later house search led to the seizure of ingredients which police said could be used to make TATP, a highly- volatile explosive believed to have been used in the deadly terror attacks in London in 2005.
"I suggest we look very carefully, deeply and calmly at this case before we give this individual incident too much priority," security expert Steve Vickers told AFP.
"The timing is obviously of considerable interest."
Vickers said it was easy to find the ingredients for TATP online - but would be difficult to manufacture the explosive itself.
"The persons who are accused of possessing this, unless they are experts, probably present a greater threat to themselves than the public if they try and transport this material," said Vickers, a risk consultant and former head of the Royal Hong Kong Police's Criminal Intelligence Bureau.
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