In Hong Kong, the benchmark Hang Seng Index ended up 132 points, or 0.6 percent, at 23,525 on turnover of HK$236.4 billion.
The tech index rose 28 points, or 0.7 percent, to 3,867 while the China enterprises index was 36 points, or 0.5 percent, higher at 7,943.
Up north, the Shanghai Composite Index fell 29 points, or 0.82 percent, to close at 3,608, on turnover of 810.83 billion yuan.
The Shenzhen Component Index dropped 133 points, or 1.21 percent, to 10,876 on turnover of 892.6 billion while the ChiNext Index plunged 67 points, or 2.73 percent, to 2,391 on turnover of 446.45 billion yuan.
The blue-chip CSI300 is down 13 percent since January.
The index notched its largest monthly fall for a decade in October, led by a slump in AI stocks, and closed 0.2 percent lower on Tuesday.
On Monday regulators responded with measures aimed at funding stock purchases by brokers, funds and companies.
Authorities have also instructed banks to hold off on new listings or large share sales in order to support the market, the Financial Times newspaper reported on Tuesday, citing insiders.
Fund manager Chen Jiande said steps — including central bank swap operations to fund stock purchases and encouraging buybacks — repeated efforts in 2024 and offered a chance to sell, rather than buy.
“These measures were below expectations,” said Chen, general manager at Fujian Tianlang Asset Management.
“Many investors in battered tech shares are taking advantage of any rebound to rush out.”
UBS economists led by Yu Song agreed that support could build, saying the latest steps marked a new phase of coordinated action across the three main regulators – a sign of commitment to stabilising markets.
But they played down the prospect of a full-scale repeat, arguing economic growth remained within policymakers’ comfort zone and the recent selloff did not reflect any fresh deterioration in fundamentals.
In Seoul, the Kospi closed down 210 points, or 3.59 percent, at 5,648 amid chip-sector losses of 4.15 percent for Samsung Electronics and 5.03 percent for SK Hynix. (Reuters/Xinhua)
