"The UK's vaccination campaign faces a bump in the road owing to the EU's plans to restrict vaccine exports," said Shaun Osborne, Chief FX Strategist at Scotiabank.
The Hang Seng Index fell 2.03 percent, or 579.24 points, to 27,918.14 -- putting it in a correction after falling more than 10 percent from its recent high seen in February.
A coronavirus vaccine in pill form could enter the first phases of clinical trials by June this year, with Oravax being the company working on the substance.
The company reiterated that this step is an early phase in the development of the vaccine, and even if it clears clinical trials, there could be a year's wait until it is formally authorised for use.
As of March 20, China had administered 74.96 million coronavirus vaccine doses, according to Our World in Data, a collaboration between Oxford University and a charity.