Chinese artificial intelligence model developer MiniMax Group jumped 50 percent in its Hong Kong market debut on Friday after raising HK$4.8 billion.

The benchmark Hang Seng Index opened for Friday trading up 123 points, or 0.5 percent, at 26,272 while the tech index rose 21 points, or 0.4 percent, to 5,699 and the China enterprises index was 31 points, or 0.35 percent, up at 9,070.

Chinese stocks opened mixed on Friday, with the benchmark Shanghai Composite Index up 0.09 percent to open at 4,086 while the Shenzhen Component Index opened 0.3 percent lower at 13,917 and the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 0.69 percent to open at 3,279.

The Star Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, opened 0.47 percent lower at 1,758 while the Star 50 Index, which tracks the 50 largest stocks listed on the board that also meet certain liquidity requirements, opened 0.89 percent lower at 1,442.

Founded in ⁠early 2022 by former SenseTime executive Yan Junjie, Shanghai-based MiniMax develops AI models that can process text, audio, images, video and music.

It plans to use the majority of its proceeds to fund research and development.

Shares of the company were trading at HK$248, versus its offer ⁠price of HK$165 each.

Its positive reception follows strong Hong Kong debuts on Thursday for three Chinese tech firms that raised a combined HK$9.3 billion.

Much of the focus on Friday will be on the possible US Supreme Court ruling on tariffs.

Striking down the tariffs could impact government revenue, pushing US Treasury yields higher and unleashing new waves of volatility across markets.

Kyle Rodda, senior financial markets analyst at Capital.com, said the Supreme Court ruling is the "real wildcard" for markets on Friday, noting that if the courts slap down US tariffs, it would be a big boost to market ⁠sentiment.

"A constraint may be that even if the tariffs are ruled unlawful, the Trump administration is unlikely to roll over and will look to other ways to maintain the levies," he said.

For now, traders remain reluctant to place bets ahead of the market moving events.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent in early trading, just below the record high it hit earlier in the week.

Japan's Nikkei was up 0.8 percent, buoyed by the strong earnings and forecast from Fast Retailing, the operator of the Uniqlo clothing brand.

European stock futures rose 0.4 percent.

The S&P 500 ended the day flat, although an aerospace and defence index rose to an all-time high, with European defence shares also hitting a new high. (Reuters/Xinhua)