Asian markets outside of Shanghai traded lower on 5 June as investors braced for the outcome of oil cartel Opec's Vienna meeting and the US nonfarm payrolls data due out later in the day.
The Japanese Nikkei finished 0.13%, or 27.29 points, lower at 20,460.90.
The Shanghai Composite finished 1.54%, or 75.99 points, higher at 5,023.10.
Hong Kong's Hang Seng finished 1.06%, or 291.73 points, lower at 27,260.16.
Australia's S&P/ASX 200 finished 0.11%, or 5.80 points, lower at 5,498.50.
South Korea's Kospi Composite finished 0.23%, or 4.76 points, lower at 2,068.10.
India's S&P BSE Sensex finished 0.17%, or 44.93 points, lower at 26,768.49.
The Nikkei ended a tad lower against the backdrop of a weaker yen.
Capital Economics said in a note to clients: "We remain convinced that a weaker yen is needed to boost demand, lift inflation and put the public finances on a sustainable path. As long as the exchange rate continues to weaken gradually rather than abruptly, we think that wage gains should be strong enough to compensate households for rising costs of imported goods."
The Shanghai Composite settled at a fresh seven-year high, following volatile intra-day trading. The index rose above 5,000 points for the first time since 2008.
Brokerage house Citic Securities has reportedly tightened margin trading rules for the second time in less than a month. Earlier, rival Golden Sun Securities halted all margin financing on start-up board Chinext.
Catherine Yeung, investment director of Asian equities at Fidelity Worldwide Investment, told CNBC the curbing of margin lending is a good thing for the stock market.
Yeung said: "It keeps a lid on the situation, like when Beijing released regulatory news regarding the umbrella trusts a few months ago. Ensuring the rally is underpinned is a different thing to changing the psyche of investor behavior."
Elsewhere, the Kospi traded lower amid fears surrounding the outbreak of the Middle East Respiratory Syndrome in South Korea, which has reportedly claimed four lives.
Company stock movements
In Tokyo, banks and insurers were targeted by profit takers. Dai-ichi Life Insurance lost 2.46% while T&D Holdings lost 2.20%. Mitsubishi UFJ Financial Group lost 1.94% whilerival Mizuho Financial Group lost 1.82%.
In Shanghai, Poly Real Estate added 5.02% while rival Gemdale added 2.73%.
China Everbright Bank lost 2.79% while China Merchants Bank lost 2.15%.
In Hong Kong, realty player China Vanke gained 2.31%.
In Sydney, Fortescue Metals added 1.75% on the back of stronger iron ore prices.
In Seoul, LG Display lost 3.68%, pulled down by data that showed a fall in display panel prices across the industry.
Samsung C&T shot up 9.50% while Cheil Industries added 3.14%.
Both scrips have been in focus after US-based hedge fund Elliott, which bought a 7.1% stake in Samsung C&T, opposed the all-stock takeover offer from Cheil, Samsung Group's de facto holding company.