In Hong Kong, the benchmark Hang Seng Index ended 446 points, or 1.8 percent, lower at 24,562 on turnover of HK$347.33 billion.
The tech index was 211 points, or 4.4 percent, down at 4,623 while the China enterprises index was 181 points, or 2.2 percent, lower at 8,136.
Artificial intelligence and chipmaking stocks were also among the biggest decliners.
Across the border, the benchmark Shanghai Composite Index ended down 118 points, or 3.05 percent, at a 10-month low of 3,764.
A global sell-off in shares of AI-related companies also weighed on sentiment.
The Shenzhen Component Index dived 781 points, or 5.4 percent, to 13,706 while the ChiNext plunged 263 points, or 7.15 percent, to 3,428.
The combined turnover of stocks covered by the main Shenzhen and Shanghai indices was 2.65 trillion yuan, up from 2.4 trillion yuan.
Financial and power sectors were among the top gainers while pharmaceutical shares led the declines.
CXMT’s IPO “is sucking in too much money, and investors are voting with their feet”, said Stephen Huang, a Shanghai-based hedge fund manager. “For tech stocks, it’s a disaster.”
Retail subscriptions exceeded the CXMT shares available by more than 200 times, but the over-subscription rate of Asia’s biggest IPO so far this year was much lower than most Chinese IPOs.
“The AI industry keeps expanding, but it does not mean AI stocks will keep rising, especially when the sector is overcrowded,” said Wen Xunneng, Shanghai-based CEO of Zhu Liu Asset Management.
In Tokyo, the Nikkei tumbled into correction territory by ending 2,694 points, or 4.03 percent, lower at 64,141 after falling up to 6.18 percent earlier in the day. (Reuters & Xinhua)
