Hong Kong stocks fell sharply on Wednesday as elevated oil prices and uncertainty over the durability of the U.S.-Iran ceasefire weighed on sentiment.

The Hang Seng Index fell 1.1%, or 271.22 points, to close at 25,328.23, while the Hang Seng China Enterprises Index dropped 1.3%, or 113.87 points, to finish at 8,463.02.

Iran said Tuesday that the U.S. had violated the ceasefire by launching strikes near the contested Strait of Hormuz, raising fresh doubts over prospects for ending the conflict.

Meanwhile, Israel launched more than 120 airstrikes across Lebanon on Tuesday in one of the heaviest waves of bombardment in weeks, according to Lebanese security sources, Reuters reported.

Tehran has demanded an end to Israeli operations in Lebanon as part of any broader agreement.

Meanwhile, oil prices retreated from recent highs, giving back part of the previous session's gains as traders looked for clearer signals on U.S.-Iran negotiations after renewed hostilities disrupted efforts to reopen the Strait of Hormuz.

In corporate news, three companies made their debut on the Hong Kong bourse.

Viewtrix Technology (HKG:3310) closed nearly 92% higher at HK$39.90, compared with its offer price of HK$20.81.

Shenzhen SDMC Technology (HKG:0901) gained 87% to close at HK$61.20, versus its offer price of HK$32.80.

Beijing DeepZero Technology (HKG:2723) advanced nearly 266% to end the session at HK$203, compared with its offer price of HK$55.50.