As of 0326 GMT, the blue-chip Hang Seng Index .HSI had edged up 0.29 percent to 24,328.21 after opening down 0.10 percent.
But the China Enterprises Index of Hong Kong-listed mainland companies , or H shares, was down 2.18 percent following a weaker Shanghai market.
Shanghai stocks .SSEC tumbled more than 4 percent early on Friday before recovering to 3,152, down 2.20 percent at 0326 GMT, with PetroChina sliding below its IPO price for the first time.
Shares in PetroChina fell 1.68 percent to HK$9.93 in Hong Kong after they dropped more than 5 percent in Shanghai to hit a low of 16 yuan, below the stock's offering price of 16.70 yuan in last year's Shanghai IPO.
Shares in Lenovo, the world's No. 4 personal computer maker, rose 2.2 percent after IDC reported on Thursday that PC shipments worldwide rose 14.6 percent in the first quarter, above previous estimates.
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PetroChina, Shanghai Electric, Lenovo: Stocks Review
Shares in PetroChina fell 1.68 percent to HK$9.93 in Hong Kong after they dropped more than 5 percent in Shanghai to hit a low of 16 yuan, below the stock's offering price of 16.70 yuan in last year's Shanghai IPO
