The British number one has lost her last five matches, most recently a 6-1 6-2 thrashing by Monica Niculescu in the opening round of the China Open on Sunday.
The move is said to be precautionary, with Konta still intending to play in the Kremlin Cup in Moscow the following week.
The 26-year-old said: “I'm very disappointed to have to withdraw from next week's Prudential Hong Kong Tennis Open. I was really looking forward to being part of this fantastic event again and seeing more of the wonderful city of Hong Kong.
“I want to wish everyone involved in the tournament a happy and successful one. I look forward to hopefully seeing you all next year.”
Despite her poor form, Konta is hanging onto the eighth and final qualifying spot for the WTA Finals in Singapore later this month, with her rivals so far unable to capitalise.
Konta missed out on a debut appearance 12 months ago when Kuznetsova won the Kremlin Cup to overtake her at the last moment.
Sharapova's grand slam comeback pitted her against world number two Halep in the opening round in New York and the Russian pulled off an impressive victory.
A 6-4 4-6 6-1 win against fellow Russian Ekaterina Makarova in Beijing set up another meeting with Halep, against whom Sharapova boasts a 7-0 record.
Halep eased into the third round after Magdalena Rybarikova pulled out trailing 6-1 2-1.
The Romanian said of facing Sharapova again on wtatennis.com: “I played her many times, was close many times. Now it's a new day and we'll see. Maybe I can win. I really want to do it so I will give everything.
“I should have served better to win that (US Open) match. I played pretty good, and she played amazing.
“It's different that it's not the first round. It's always tough to play the first match of the tournament but here we are in the third round, so maybe it's going to be something different.”
Vandeweghe also withdrew, a back problem causing her to throw in the towel trailing Daria Gavrilova 6-3 2-0, all but ending her chances of qualifying for the WTA Finals.
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies