Shares in Hong Kong plunged more than three percent after opening Tuesday, tracking heavy selling in Europe and the United States on renewed concerns about China's slowing economy.

Hong Kong's benchmark Hang Seng Index sank 3.31 percent, or 700.94 points, to 20,485.38 in the first few minutes.

Shanghai fell 1.47 percent, or 45.54 points, to 3,055.22, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, retreated 1.60 percent, or 27.78 points, to 1,710.14.