Hong Kong stocks closed down 280.13 points, or 1.37 percent, at 20,146.51 on Tuesday.
The ChiNext was down Tuesday as only eight of the 79 stocks at China's start-up board for small and medium-sized enterprises were up.
Chinese shares hit an 11-month low Tuesday after higher April inflation sparked investor fears of more credit tightening. The benchmark Shanghai Composite Index lost 51.18 points, or 1.9 percent, to close at 2,647.57 - its lowest level since last May 27.
China's stock index futures closed down Tuesday with the contract for May, the most actively traded, down 3.79 percent to end at 2,801.6 points from the previous trading day.
China's stocks have "corrected enough" and investors should consider buying equities as the probability of a hard landing for the economy is "not that high", according to BofA Merrill Lynch Global Research.
Rubber rallied from the lowest price in almost five months on optimism an emergency package by European policymakers will contain a sovereign-debt crisis and maintain economic growth in the region.
The yuan rebounded strongly against the dollar in the offshore forwards markets on Monday after the European Union and the IMF agreed on a $1 trillion emergency rescue plan to protect indebted eurozone countries.
Non-ferrous metals are expected to further plunge amid growing concerns about the eurozone's prospects coupled with uncertainty surrounding China's exit from stimulus policies, analysts said, but the retreat may be short-lived due to a boom in infrastructure construction and automobile consumption.
Stocks surged around the world, the euro strengthened and commodities gained as European policymakers unveiled a $962 billion loan plan to end the region's sovereign-debt crisis. Treasuries plunged and bunds fell.
Mainland stocks rebounded after briefly entering a bear market on speculation a slowdown in the economy may delay increases in borrowing costs and a Europe loan package will keep the region's credit crisis from spreading.
Hong Kong stocks closed up 506.35 points, or 2.54 percent, at 20,426.64 Monday.