text: The Shanghai Composite was down 1.2% to 4,565.25 with analysts citing a number of reasons for the drop including some brokerages tightening lending requirements on margin financing.
  Another wave of new share offerings due next week is also expected to remove liquidity from the market.
  A state-owned investment firm also said it sold shares in the top four banks.
  Central Huijin Investment confirmed it sold some mainland-listed shares in China's top four banks and other financial institutions, along with Exchange Traded Funds (ETFs).
  News of the sale was cited by traders as one factor behind a plunge in Chinese shares.
  Hong Kong's Hang Seng index was down 0.3% to 27,362.82.
  The mainland benchmark index has surged over 140% in the past 12 months despite a slowing Chinese economy.
  Shares in Japan nudged higher after government data gave conflicting messages about the economy.
  Inflation was roughly flat in April with core consumer prices rising 0.3%, while household spending was down 1.3% from a year ago. Economists had been expecting spending to rise.
  However, the jobless rate fell to 3.3% from 3.4% in March, while industrial output rose 1% - rising for the first time in three months.
  The Nikkei was up 0.1% to 20,566.57.
  Traders say the benchmark index is taking a breather after rising for the past 10 days in its longest winning streak since 1988.
  In Australia, the S&P/ASX 200 was up nearly 1.2% to 5,781.5, boosted by commodity stocks.
  A weaker US dollar has helped copper and aluminium recover some losses, while iron ore prices held steady.
  Shares of heavyweight miners BHP Billiton and Rio Tinto were up 0.6% and 1.2% respectively.
  South Korean shares were higher with the benchmark Kospi up 0.4% to 2,118.77.
  Investors appeared to ignore data that showed industrial production fell in April for a second month in a row - declining by a seasonally adjusted 1.2% after falling 0.3% in March.
target: Mainland China shares continued lower, falling as much as 3.5% on Friday after plunging nearly 7% a day earlier.