Benchmark equity indices in mainland China and Hong Kong closed higher on Monday as resurgent hopes for a significant public stimulus boost captured investors' attention more than did the release of a batch of poor activity and spending data.
Weakness was evident nearly across the board and continued a trend of disappointing news from the world's second-largest economy in recent months.
Industrial production expanded by an annual 6.5 percent in April, dropping from 7.6 percent in March and falling notably short of expectations while fixed investment data suggested a slowdown to 8.3 percent in April from 9.4 percent the previous month. Retail sales and fixed asset investment also underperformed forecasts.
"This slowdown as a result of weakening demand is also reflected in the prices of key industrial commodities like iron ore," said Sebastian Lewis, content director for Greater China at S&P Global Platts in an email to CNBC on Monday, pointing out that the price of iron ore had dropped 30 percent since February alone.
Partially offsetting the weakness, record steel output implied a positive read-through for construction while property development activity registered higher investment figures.