The Civic Party gained six seats in the Legislative Council to become the second-largest party, even as two of its members - Audrey Eu Yuet-mee and Tanya Chan Suk-chong - failed to retain their seats.
Leader Alan Leong Kah-kit promised an evaluation of party performance while political commentators hoped it would not become too radical.
Chan, who was the second candidate on the party list, failed in her bid on Hong Kong Island. Though the list obtained 70,475 votes, it helped her colleague Kenneth Chan Ka-lok win in the same geographical constituency.
Chan said she had tried her best and rejected claims that some of the votes won by the party were wasted. She believed she failed because the Democratic Alliance for the Betterment and Progress of Hong Kong successfully split votes.
She said it was a risk for the Civic Party to contest Hong Kong Island with only one list.
But she stressed that it was impossible to have a split list because the party did not have a strong foundation in the district.
Barrister and legislator Eu also lost after she made way for former legislator and surgeon Kwok Ka-ki to be the No1 on the ticket in New Territories West. Kwok won the race with 72,185 votes but that was no good for Eu.
Kwok said he felt depressed and unhappy because Eu was not elected.
He described her as a very important and outstanding partner and thanked her for her work during the campaign.
Kwok also said the party was not up to par as it could not gain two seats in the constituency.
On the other hand, since it was the first time for the party to contest the constituency, gaining one seat may be sufficient success.
Leong said members will study the experience and limitations of the party and plan ahead.
It will also communicate with other pan- democrats. "I can promise that we will surely evaluate the procedures and operations of the entire election," Leong said.
"We will also communicate with our other pan-democrat friends and political parties during the evaluation process."
Political analyst Johnny Lau Yui-siu said any crisis may represent a chance for change.
He said the key is how the Civic Party will adjust its direction in the future.
Lau said he did not agree political reform in 2010 was sufficient reason for the losses by the Democratic Party, as the pan-democrats could still win three super seats with over 800,000 votes.
"It would be a really big mistake if the Civic Party changes its direction and becomes radical," Lau said.