Hong Kong shares dipped on Monday after a hot US inflation report rekindled worries over the timing of Fed rate cuts, but mainland Chinese stocks gained after a week-long holiday.

The Hang Seng Index fell 0.47 percent in early trade, or 76.92 points, to 16,263.04.

The Shanghai Composite Index was up 0.28 percent, or 7.97 points, at 2,873.88, and the Shenzhen Composite Index on China's second exchange added 1.16 percent, or 18.30 points, to 1,595.63.