Asian equities were largely lower despite a weaker U.S. dollar overnight, as Japan outperformed and India underperformed.

Traders rotate out of stocks and into bonds on worries about entrenched inflation in the US and the Trump administration’s tariffs.

China's Chery Automobile has applied for an initial public offering in Hong Kong, seeking funds to develop new vehicles and technologies as well as to expand in global markets and improve domestic production facilities.

Hong Kong Exchanges and Clearing reported full-year profits of HK$13.1bn (US$1.7bn) on Thursday, topping the previous record of HK$12.5bn set in 2021 amid a pandemic-era trading boom. Fourth-quarter profits rose 46 per cent year on year to HK$3.

Net profit in 2024 rose 10 per cent to HK$13 billion (US$1.7 billion), aided by higher fees from handling market transactions and new stock listings.