China stocks rebound
China's benchmark Shanghai Composite index erased losses to close up 0.3 percent following the data releases, while the blue-chip CSI300 Index settled near the flatline.
Small-caps continued to outperform the major indexes, with the Nasdaq-style ChiNext board rising 2.7 percent. Hong Kong's Hang Seng index was little moved.
Shares of Tencent jumped 1.7 percent in Hong Kong after the Shenzhen-based internet giant reported a 32 percent rise in third-quarter net profit, with solid revenue growth in mobile games and advertising.
By contrast, Chow Tai Fook skidded 7.4 percent to a record low after the jeweller warned that first half profit could halve from a year ago.
Also in focus, Hong Kong Exchanges and Clearing dropped 1.2 percent following the announcement of quarterly results.
In other news, the vice mayor of Shanghai in charge of its free trade zone is being investigated for suspected "serious breaches of discipline", the antigraft watchdog of the ruling Communist Party said on Tuesday.
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Taiex falls 1.4%
Taiwan's weighted index hit a five-week trough, driven down by shares of Apple suppliers.
Large-cap Taiwan Semiconductor Manufacturing Co. (TSMC) fell 1.4 percent, after reporting on Tuesday that October sales rose 1.2 percent from a year earlier.
Hon Hai Precision Industry, the world's biggest electronics component maker and a major assembler of iPhones, closed down 1.3 percent after it posted a 7 percent rise in October sales.
ASX gains 0.5%
Australia's S&P ASX 200 index notched up, as hefty buy orders for banking shares offset a sell-off in market bellwether BHP Billiton.
Australia and New Zealand Banking was the top winner on Wednesday, up 2.8 percent, while National Australia Bank and Commonwealth Bank of Australia climbed more than 1 percent each. Westpac slumped 2.5 percent after trading ex-dividend.
BHP shares tumbled nearly 3 percent, extending a sell-off sparked by last week's deadly dam burst at the global miner's jointly owned iron-ore mine in Brazil.
Fortescue Metals outperformed fellow miners, closing up 3.5 percent, after announcing a $750 million offer to speed up its debt repayments.
Dulux Group shares rallied 2.2 percent, thanks to a 11.5 percent increase in net profit for the 12 months ended September 30.