Hong Kong stocks closed with big losses on Wednesday as tech firms took a hit after Alibaba decided to scrap a planned initial public offering for its logistics arm Cainiao.

The Hang Seng Index fell 1.4 percent, or 225 points, to 16,392.

The Shanghai Composite Index sank 1.3 percent, or 38 points, to 2,993, while the Shenzhen Composite Index shed 2.8 percent, or 49 points, to 1,703. (AFP)