The Hang Seng index of 33 blue-chip companies is already trading near its four-year lows.
In Asia, Hong Kong's Hang Seng dropped 2.5%, and South Korea's Kospi lost 1.2%.
Hong Kong's Hang Seng index recovered from Wednesday's 8 percent plunge, gaining 2.7 percent by midday.
Japan's Nikkei index closed up 1%, and Hong Kong's Hang Seng closed up 2.7%.
The Hang Seng Index finished 2% down to 18185.59, wiping out all of its 2012 gains.
The Hang Seng Index in Hong Kong gained 0.2%, while the Shanghai Composite rose 0.6%.
On Monday, the Hang Seng index continued its rise by climbing another 1% to 22915.09.
But Hong Kong's Hang Seng rose sharply, by 2.1%--that was largely thanks to China.
In Asian markets, the Hang Seng closed 1 percent higher to settle at 21641.82.
Hong Kong's Hang Seng swung between gains and losses to flatten out at 21, 661.08.
The Shanghai Composite was down 0.6%, while the Hang Seng Index in Hong Kong was flat.
Banks also rose in Hong Kong, where the Hang Seng Index was 1.8% higher at 19455.33.
Weakness in Chinese companies helped the Hang Seng Index in Hong Kong fall 0.9% to 22890.60.
Hong Kong's Hang Seng closed 3.8 percent higher, and Japan's Nikkei closed up 3.4 percent.
Hong Kong's Hang Seng Index spent much of the morning trying to stay positive.
That could hamper further gains for the Hang Seng index in the medium to long term.
Hong Kong's Hang Seng Index traded up 2.4% at 17, 671.54 before the midday bell.
Company earnings continued to be a focus in Hong Kong with the Hang Seng Index up 0.1%.
The Shanghai Composite Index slipped 0.4% in the mainland and Hong Kong's Hang Seng Index was flat.
The Shanghai Composite Index slipped 0.3% in the mainland and Hong Kong's Hang Seng Index was flat.
In Hong Kong however, stocks were still recording fresh declines, with the Hang Seng Index down 0.3%.
Asian exchanges were mixed, with Japan's Nikkei Stock Average falling 0.4% and the Hang Seng gaining 1.6%.
Hong Kong's Hang Seng Index ended 1.6% higher at 20439.14, bringing its winning streak to five sessions.
Hong Kong's Hang Seng Index ended down 0.5% at 22, 282.19, while the Shanghai Composite fell 0.1% to 2, 299.25.
Hong Kong was impacted by the downbeat sentiment towards China: the Hang Seng Index dropped 0.3% to 22930.28.
Hong Kong's Hang Seng Index climbed 0.3%, to 20741.45, while China's Shanghai Composite Index slipped 0.4%, to 2396.32.
Hong Kong's Hang Seng Index also shed 0.5%, dropping 2.8% for the week, to near a two-month low.
Most Asian indexes plunged on Wednesday, with Japan's Nikkei down 3.4% and China's Hang Seng index down 5.4%.
Hong Kong's Hang Seng Index and India's Sensex index both hit 52-week highs, climbing 0.6% and 1.2%, respectively.
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