Alibaba and JD.com climbed and led the way in Hong Kong after Chinese officials pledged to soon "compete the special rectification" to the tech sector.
Asian shares fell across the region except in mainland China, where official pronouncements drove heavy-industry stocks higher.
The CSI 300 plunged to its lowest level in two years as residents of the Chinese capital stripped grocery store shelves bare amid lockdown fears.
Southeast Asia's largest economy is going strong and offers a contrast to lockdown-battered China.
Interest rates are rising in much of the Asia Pacific region, but the two largest Asian economies persist in very low rates and weakening currencies.
With 40.3% of the economy and US$7.2 trillion in production at risk, China's zero-Covid heavy-handed response is filtering through in the figures.
Richard Liu will still control the voting power of JD.com, China's second-largest e-commerce site.
What started life as a moped-hailing service has morphed into a superapp operator.
The stock watchdog in China is circulating new rules that would let Chinese companies listed overseas to share audit data, a sticking point for the SEC.
After missing yesterday's deadline day for filing full-year 2021 figures, many Hong Kong-listed, China-focused companies saw their shares stop trade.