The Hang Seng tumbled 518 points, or 2.0%, to close at 25,249 on Wednesday, marking a third straight fall and its lowest since mid-December.
A retreat in U.S. stock futures weighed heavily, as mounting concerns over the Middle East conflict raised fears of repricing geopolitics, energy logistics, and prolonged inflation pressures.
Mainland weakness added to the bearish tone, with official data showing China's manufacturing activity contracted for a second month in February as soft domestic demand and investment offset resilient exports.
Limiting the downside were potential policy signals from China's annual parliamentary meeting, which begins today.
Losses in Hong Kong were broad, led by financials, property, and consumer stocks.
Major laggards included Minimax Group (-9.6%), Akeso Inc. (-5.1%), AIA Group (-5.0%), CITIC Ltd. (-4.5%), and MTR Corp. (-3.8%).
In contrast, aluminum producers gained as base-metal prices climbed following a major Qatari smelter's decision to halt operations.

Sumber : Trading Economics