Asian equities lost significant ground on Wednesday as persistent concerns about tightening monetary conditions and soaring inflation remained a drag for markets. The Hang Seng index lost more than 2.5% to bottom around the 21,000 level, dragged by a selloff in the technology sector with Alibaba Health Information Technology down roughly 15%. Meantime, South Korea’s benchmark Kospi tumbled 2.7% to below 2,350 points. The Shanghai Composite index lost more than 1% to around 3,270. The benchmark Nikkei 225 and the S&P/ASX 200 outperformed among the region’s major markets by falling nearly 0.5% each.