Hong Kong stocks closed down 230.07 points, or 1.1 percent, at 20,778.55 on Thursday.
The ChiNext stock market was up Thursday as 60 of the 62 stocks at China's start-up board for small and medium-sized enterprises rose.
Chinese equities declined more than 1 percent on Thursday over market rumors that stamp tax on trading might increase in April.
Huayi Brothers Media Corp has announced a hefty dividend plan after its net profit grew by 24.22 percent year-on-year to 84.55 million yuan and revenue rose by 47.59 percent to 604.14 million yuan, the company said in its annual report Thursday.
Stocks in companies from the nation's underdeveloped western region rallied on Wednesday after President Hu Jintao called for further efforts to boost economic growth in the area.
Shanghai copper reversed early gains and dropped nearly half a percent on Wednesday, pressured by dollar strength and as investors await a eurozone summit that may provide a solution for Greece's debt crisis.
Mainland stocks rose, led by lenders and industrial companies, on Bank of China's more-than-fourfold surge in earnings and reports of government plans to speed up the development of the country's inland areas.
Hong Kong stocks closed up 20.84 points, or 0.1 percent, at 21,008.62 on Wednesday.
The ChiNext stock market was up Wednseday as 56 of the 61 stocks at China's start-up board for small and medium-sized enterprises rose.
Chinese equities closed mixed Wednesday. The benchmark Shanghai Composite Index closed at 3,056.81 points, up 0.12 percent, or 3.68 points.
China's stocks fell, dragging the benchmark index from a three-week high, as investors speculated recent gains were excessive given the prospect of increased government measures to cool economic growth.
Hong Kong stocks closed up 54.53 points, or 0.26 percent, at 20,987.78 on Tuesday.