Mainland Chinese shares closed at a seven-year high despite a survey indicating manufacturing activity in the country continued to decline in May.
The HSBC survey pointed to a continued slowdown in China, but investors are hoping this will lead the government to introduce more stimulus measures.
The Shanghai Composite rose 1.9% to 4,529.42.
Hong Kong’s benchmark Hang Seng index closed down 0.2% at 27,523.72.
Shares of Goldin Financial and Goldin Properties fell more than 60% at one point, wiping about $23bn off the value of the companies. They ended the session down about 40%.
Both Goldin companies said in separate stock exchange filings they were not aware of the reason for the sharp fall in shares.
The steep slide follows that of Hanergy Thin Film Power, which fell nearly 50% on Wednesday before its trading was halted.
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