Yangzijiang Shipbuilding Holdings Ltd jumped by the daily maximum after becoming the first mainland-owned company to list in Taiwan, underscoring investor demand as the two economies seek closer ties.
Hong Kong stocks closed down 312.93 points, or 1.46 percent, at 21,088.86 on Wednesday.
Chinese equities fell from a four-month high as bank shares declined on reports that August bank lending may not exceed 500 billion yuan while property developers dropped on concerns that the government would take further steps to cool the property market.
China's stock index futures closed higher Wednesday with the contract for September, the most actively traded, rose 0.23 percent from the previous trading day to end at 2,995.2 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, increased 0.36 percent, or 3.71 points, to close at 1,026.33 on Wednesday.
Oil declined to trade near a four-day low as falling equity markets reinforced doubts about the global economic recovery while the end of the US summer peak consumption season signaled lower demand from refiners.
Antimony may extend its rally after climbing to a record in China as Hunan province, the country's largest producing region, curbs output to comply with central government restrictions, industry analysts said.
Mainland stocks rose to the highest in almost four months as speculation the government will curb overcapacity to meet energy efficiency targets fueled a rally for the nation's biggest metal producers.
The value of China's currency renminbi (RMB) weakened against the US dollar Wednesday as the central parity rate of the yuan was set at 6.7907 per US dollar, compared with the 6.7799 Tuesday, according to the data released by the China Foreign Exchange Trading System.
The Taiwan Depositary Receipts (TDRs) of Yangzijiang Shipbuilding Holdings Ltd started trading on the Taiwan Stock Exchange on Wednesday morning, making it the first Chinese mainland company listed on the island's bourse.
China's stock index futures closed higher Tuesday with the contract for September, the most actively traded, rose 0.4 percent from the previous trading day to end at 2,996.6 points.