Hong Kong shares continued their downward spiral on Wednesday, hitting an over one-month low as investors grapple with growing concerns over a global economic slowdown and geopolitical tensions.

The Hang Seng Index fell 0.73%, or 125.38 points, to close Wednesday's session at 17,108.71. The Hang Seng China Enterprises Index fell by 0.73%, or 43.79 points, to 5,982.55.

Contributing to the market's slump were declining oil prices, increasing geopolitical tensions, and the upcoming US presidential election. The recent release of Hong Kong's business sentiment survey also indicated a decline in confidence among small and medium-sized enterprises.

Globally, Fitch Ratings projected slower fiscal consolidation in the Asia-Pacific region, with rising government debt levels. China, meanwhile, has opposed a US bill imposing sanctions on Chinese biotech companies, further escalating tensions between the two nations.

In corporate news, Homeland Interactive Technology (HKG:3798) granted 22,446,201 award shares to selected participants under its share award scheme. The company's shares were up over 7% on Wednesday.

Elsewhere, Greenland Hong Kong Holdings (HKG:0337) fell nearly 9% after the company disclosed that it recorded contracted sales of approximately 5.53 billion yuan for the eight months ended Aug. 31. Its gross floor sales area from January to August stood at roughly 566,555 square meters.

Meanwhile, Chan Kin Man has resigned as chief financial officer of LVGEM (China) Real Estate Investment (HKG:0095), effective Tuesday, the company's shares closed over 3% lower on Wednesday.