Hong Kong stocks fell from a three-year high on Wednesday, as investors held off on bets ahead of a Federal Reserve meeting and earnings from Tencent Holdings.

The Hang Seng Index fell 0.5%, while the Hang Seng Tech Index dropped by 2%.

In terms of star stocks, shares of XPeng tumbled 8% after the Chinese electric vehicle maker's fourth-quarter results fell short of what analysts had expected. Its peers Li Auto fell 3%, while NIO fell 2%.

Tencent Music jumped 15% after it revenue rose 8.2% in the fourth quarter, as China's biggest music streaming company registered its second straight quarter of growth after a year-long slowdown.

Xiaomi shares waved on Wednesday after reporting an almost 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its target for electric vehicle deliveries this year to 350,000 from 300,000.

Tencent shed 1% before the social media and video gaming giant’s report card later on Wednesday, when it is likely to report a 62 per cent increase in profit for the fourth quarter.

Among other star stocks, Baidu fell 5%; Meituan fell 3%; Alibaba and JD.com fell 2%;

Caution prevailed after US stocks snapped a rebound before the Fed meeting. While the US central bank is expected to leave its benchmark borrowing cost unchanged, investors will focus on the Fed’s assessment of the economy and implications of the Trump administration’s tariff policies. The Fed faces a complicated task of keeping in check entrenched inflation and preventing the economy from sliding into a recession.