Hong Kong shares closed flat Wednesday as gains in newcomer Belle International and mobile operator China Unicom was offset by decline in heavyweight China Mobile.
The blue chip Hang Seng Index fell 44.95 points, or 0.22 percent, to 20,798.97.
Chinese stocks rose to a record for the third straight session Wednesday on optimism over reports the government may triple quotas for foreign investment in local bourses.
The benchmark Shanghai Composite Index gained 1.5 percent to 4,173.71. The Shenzhen Composite Index rose 2.1 percent to 1,223.98, also a record close.
Japanese stocks rose slightly Wednesday for a third straight session, led by bank shares.
The benchmark Nikkei 225 stock index rose 25.07 points, or 0.14 percent to finish at 17,705.12 on the Tokyo Stock Exchange. On Tuesday, the index added 0.7 percent.
Elsewhere:
TAIPEI: The Weighted Price Index of the Taiwan Stock Exchange rose 33.16 points, or 0.4 percent, to close at 8,221.79 points.
JAKARTA: The Jakarta Stock Exchange Composite index closed 25.492 points or 1.2 percent up to 2,104.246.
KUALA LUMPUR: The Kuala Lumpur Composite Index of 100 heavyweight stocks sank 0.9 percent to 1,354.98 points.
MANILA: The benchmark 30-company Philippine Stock Exchange Index lost 38.47 points, or 1.1 percent, at 3,466.56, following the market's 7 percent rise since early May.
SEOUL: The Korea Composite Stock Price Index rose 3.71 points, or 0.2 percent, to 1,646.59.
SYDNEY: The benchmark S&P/ASX200 index rose 16.3 points, or 0.3 percent, to 6,355.1, while the All Ordinaries index gained 18.8 points to 6,369.0 points.
With files from wire services
