Hong Kong stocks extended their losses in the afternoon and closed 1.6 percent lower as tech shares retreated.

The benchmark Hang Seng Index once jumped to 22,849 points in morning trading before retreating to close 367 points lower at 22,576 points.

The main board's turnover was HK$283.9 billion. The tech index fell 3.04 percent to 5,500 points. E-commerce giant JD.com (9618), which entered the food delivery business earlier this month, and food delivery giant Meituan (3690) closed 0.32 and 6.44 percent lower at HK$153.7 and HK$156.90 respectively following news that the rivals would fork out social insurance benefits for their riders.

Meanwhile, Alibaba (9988), the owner of the food delivery platform Ele.me, fell 2.58 percent. Tencent (0700) dipped 2.21 percent and Baidu (9888) dropped 3.23 percent.