Mainland stocks rose as consumer companies gained on speculation earnings will withstand a slowing economy, overshadowing losses by banks as Agricultural Bank of China Ltd (ABC) sought funds in what may be the world's largest initial public offering (IPO).
Domestic investors' gold frenzy pushed trading volume of the yellow metal to an historic high in the first half of the year, with gold imports also surging to a record.
Hong Kong stocks slumped 227.05 points, or 1.13 percent, to close at 19,857.07 points Wednesday.
Chinese shares rose Wednesday on news reports the national social security fund is buying shares.
The ChiNext Index, launched by the Shenzhen Stock Exchange (SSE) on June 1, climbed 1.66 percent to close at 908.55 points in Wednesday's trading.
China's stock index futures closed up Wednesday with the contract for July, the most actively traded, up 0.39 percent from the previous trading day to end at 2,568.4 points.
Chinese stock markets closed slightly up Wednesday.
Mainland stocks rose, with the Shanghai Composite Index leading Asian equity markets higher, as investors speculated recent losses were excessive.
Chinese equities gained Tuesday with the major Shanghai index rising from a 15-month low Monday, advancing the most in more than two weeks on bargain-hunting.
China's stock index futures closed up Tuesday with the contract for July, the most actively traded, up 1.31 percent from the previous trading day to end at 2,564.6 points.
When it comes to China's stock market, no news is bad news.
The number of new listings on mainland bourses may reach 300 this year and raise 500 billion yuan ($73.78 billion) despite market volatility in the first six months of 2010.