Traders fear more stringent regulations on technology companies pushing these stocks very deep into the red. The Hang Seng Index plunged to a 13-year low, dropping more than 1,000 points before closing around 15,180. The index saw a 6.4% drop, the most significant one-day drop since 2008. 

The Hang Seng Tech Index dropped as much as 9%. The index is down more than 74% since peaking in 1Q21.

The offshore yen resumed its decline, tumbling by 1.3% - the biggest one-day slide since August 2019, to a record of 7.31.