Mainland and Hong Kong stocks ended the week mixed as investors kept favouring artificial intelligence-related shares while turning cautious with key benchmarks near multi-year highs.

The Hang Seng Index ended down 87 points, or 0.34 percent, at 25,858.

On the mainland, the benchmark Shanghai Composite Index was up 13 points, or 0.34 percent, at 3,888 while the Shenzhen Component Index was 108 points, or 0.85 percent, higher at 12,984 and the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was 21 points, or 0.7 percent, up at 3,052.

China's blue-chip CSI300 Index closed up 0.3 percent.

Onshore AI shares have rebounded 6.4 percent this week, after four consecutive weeks of declines.

Tech majors traded in Hong Kong were up nearly four percent this week.

The CSI300 Index was up 1.6 percent this week, while the Hang Seng Index rose 2.5 percent.

China's stock market in 2026 is expected to focus on technology and dividend plays, with rising indexes likely to bring greater volatility, making timing crucial and trading indicators worth watching, said analysts at Huaxi Securities.

Semiconductor and non-ferrous metals shares led gains onshore, up 1.3 percent and 1.6 percent, respectively.

Shares of sportswear firms Anta Sports Products and Li Ning both edged down on reports the two companies are among those exploring a potential takeover of struggling German sportswear brand Puma.

Chinese developer Vanke's onshore shares fell nearly two percent to lowest level since 2008, along with declines in its bond prices.

Charles Wang, chairman of Shenzhen Dragon Pacific Capital Management, said he held a sizeable position in property stocks last year, but had since gradually cut exposure.

If the government says this should be handled under "market-based principles", the market must bear some losses and bondholders must take some losses, he said.

This week, a media report sparked speculation that the state-backed developer might face a debt restructuring. (Reuters/Xinhua)