Hong Kong stocks dropped more than one percent at open on Wednesday, wiping out most of the previous day's rally, ahead of an expected US Federal Reserve interest rate hike later in the day.

The Hang Seng Index sank 1.06 percent to 20,684.

The Shanghai Composite Index fell 0.17 percent to 3,271, while the Shenzhen Composite Index dipped 0.20 percent to 2,182. (AFP)