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The Hang Seng Index once dropped below the 24,000-point level before paring some losses at close amid the high US inflation readings and a fresh escalation in the Middle East conflict.
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The benchmark HSI fell 158 points, or 0.65 percent, to 24,249, marking the seventh consecutive trading day decline. It once lost more than 400 points to the one-year low at 23,999 points.
The full-day turnover on the main board was HK$288.6 billion.
The Hang Seng Tech Index slipped 1.5 percent to 4,655 points.
Tech heavyweights underperformed the market. Alibaba (9988) fell by 5.3 percent, marking the worst performer among blue chips. Tencent (0700), JD.com (9618), and Baidu (9888) also retreated 1.8 percent, 2.9 percent, and 3 percent, respectively.
Beijing's market regulator summoned Chinese e-commerce giants, including Alibaba's Temu, JD.com, PDD, Xiaohongshu, and Douyin, over misleading advertising.
Chipmakers bounced back at the close, with SMIC (0981) and Hua Hong Semiconductor (1347) rising over 1 percent.
J&T Express (1519) once dived over 14 percent after China's regulators launched an investigation over its production safety. It dipped nearly 5 percent at close.
AIA (1299) jumped the most among blue chips, up about 5 percent, and HSBC (0005) also advanced 2.3 percent.
In the mainland, the Shanghai Stock Exchange Composite Index went down 0.16 percent to 3,987 points, and the Shenzhen Stock Exchange Component Index decreased by 0.68 percent to 14,851 points.
