Hong Kong stocks fell 415.92 points, or 1.7 percent, to close at 24,003.70 on Thursday.
China's stock index futures closed down Thursday with the contract for January, the most actively traded, slid 3.05 percent from the previous trading day to end at 2945.4 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, 2010, fell 28.15 points, or 2.68 percent, to close at 1,020.39 Thursday.
China's stocks tumbled 2.92 percent on Thursday as the latest inflation data heightened concerns of possible interest rates hike around the nation's annual Spring Festival which falls on February 3.
China CNR Corp and CSR Corp, the nation's two largest trainmakers, surged by the daily limit in Shanghai trading after the South China Morning Post said that the companies were close to winning their first UK orders.
Hong Kong Securities and Futures Commission Chairman Eddy Fong said Tuesday that Hong Kong's over- the-counter (OTC) derivative issue was making good progress, with a consultation paper to be published soon.
Hong Kong stocks rose 265.64 points, or 1.1 percent, to close at 24,419.62 on Wednesday.
China's stock index futures closed up Wednesday with the contract for January, the most actively traded, climbed 2.28 percent from the previous trading day to end at 3,044.6 points.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, 2010, rose 22.82 points, or 2.22 percent, to close at 1,048.54 Wednesday.
China's stocks edged up Wednesday with the benchmark Shanghai Composite Index up 1.81 percent, or 49.12 points, to close at 2,758.1 points.
The Chinese yuan rose to a record high Wednesday of 6.5885 against the US dollar.
Fidelity International's Anthony Bolton is betting on a rally in Chinese shares even as the central bank steps up measures to curb inflation. UBS AG Strategist Chen Li predicts the nation's equities will fall a further 10 percent.