The Hang Seng index <.HSI> fell 0.1 percent, to 24,498.21, while the China Enterprises Index <.HSCE> lost 0.2 percent, to 11,264.64 points.
China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but that some suspect could be the beginning of a longer slide in the exchange rate.
Chinese airlines dived in response, as a weaker yuan threatens to increase borrowing costs for operators, which typically have huge borrowings denominated in hard currencies.
China Southern Airlines Co <1055.HK> fell 18.1 percent, China Eastern Airlines Corp <0670.HK> dropped 16.4 percent and Air China <0753.HK> fell 12.8 percent.
Financial <.HSCIF> and property <.HSCIPC> shares also fell, but an index tracking energy firms <.HSCIE> rose 1.6 percent.
(Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong)
