The ChiNext Index closed down on Monday as 22 of the 42 shares at China's start-up board for small and medium-sized enterprises fell.
Chinese shares rose for the third consecutive day on Monday on upbeat Shanghai and Hainan stocks.
Chinese "orphan" stocks - companies once lured to float overseas but now left neglected - are starting to head home, creating investment opportunities, said the head of money manager Martin Currie's China business.
Hong Kong stocks shed 62.79 points, or 0.29 percent, to close at 21,654.16 on Friday.
The ChiNext stock market went down on Friday as 29 of the 42 shares at China's start-up board for small and medium-sized enterprises fell.
Chinese equities edged up on Friday, rising for the second day, led by real estate developers and financial stocks.
China's stock regulator said on Thursday that Chinese mainland capital market raised 446.6 billion yuan ($65.39 billion) in 2009, the second largest annual fund-raising in history.
China will soon clarify the rules and regulations on qualified foreign institutional investors (QFIIs) trading stock index futures in China, the country's top securities regulator said yesterday.
The mainland benchmark stock index rose from its biggest slump in seven weeks as airlines advanced after returning to profit and technology companies climbed on a government pledge to open up the industry.
Copper gained on optimism demand will grow even as China moves to curb record lending that helped prices to more than double last year. Aluminum also advanced.
The ChiNext went up on Thursday as all the 42 shares at China's start-up board for small and medium-sized enterprises gained.
Chinese stocks closed up on Thursday after tumble on the previous trading day.