China's top securities regulator said on Friday that the current high level of initial public offering (IPO) prices is partly due to institutional investors' high price offerings in the inquiry process.
Hong Kong stocks lost 234.38 points, or 1.15 percent, to close at 20,121.99 on Friday.
Chinese equities closed slightly lower Friday, dragged down by blue chip stocks.
Shares of Tibet Tourism Co, Ltd, a leading travel service company in China's Tibet autonomous region, closed at 11.10 yuan ($1.63) per share on Friday, down 0.63 percent from the previous day, despite forecasting Friday a return to the black.
China could consider using the framework of the European Union (EU) or the International Monetary Fund (IMF) to help Greece out of its debt crisis, said Yu Yongding, an influential economist and former adviser to the central bank.
China XD Electric Co, the nation's biggest maker of electricity transmission and distribution equipment, fell in its first day of trading in Shanghai, the first mainland company to drop below its offer price since 2006.
Asia's stock market rally will resume after a "correction", offering investors opportunities to increase holdings, Goldman Sachs Group Inc and Credit Suisse Group AG said.
Mainland equities rose for the first time in five days, as a rally for airlines and automakers on lower crude oil prices and higher profit from Chongqing Changan Automobile Co overshadowed declines for banks.
Copper headed for its longest losing streak in seven weeks and aluminum dropped to the lowest level in more than a month on concern demand may wane in China and the United States.
Hong Kong stocks gained 1.61 percent, or 323.30 points, to close at 20,356.37 on Thursday.
China is scheduled to issue 26 billion yuan ($3.82 billion) of book-entry treasury bonds from January 28, the Ministry of Finance (MOF) announced Wednesday.
Shares of China Railway Construction Corporation (CRCC) Limited, a mega-size comprehensive building enterprise in China, opened at 8.53 yuan ($1.25) per share Thursday, up 0.71 percent from a previous close.