Hong Kong stocks tumbled more than one percent in the opening minutes of trade Wednesday following a sharp sell-off on Wall Street fuelled by concerns about the impact of runaway inflation on the economy.

The Hang Seng Index sank 1.31 percent, or 293.36 points, to 22,125.61.

The Shanghai Composite Index slipped 0.28 percent, or 9.53 points, to 3,399.68, while the Shenzhen Composite Index on China's second exchange also fell 0.28 percent, or 6.38 points, to 2,237.54.