Asian stocks swung from gains to losses as Chinese equities tumbled after a report showed new credit fell, underscoring risks of a deepening slowdown in the world’s second-biggest economy.

Nikkei 225 13,996.81 +86.65 +0.62%

S&P/ASX 200 5,388.2 +29.25 +0.55%

Shanghai Composite 2,101.6 -29.94 -1.40%

Hong Kong’s benchmark Hang Seng Index headed for its biggest drop in almost a month after central bank data showed aggregate financing in China slid 19 percent in March from a year earlier and money supply grew at the slowest pace since 2001.

Asics Corp. added 3.6 percent in Tokyo after Nomura Holdings Inc. advised buying shares of the sportswear maker.

CapitaMalls Asia Ltd. soared a record 21 percent in Singapore after CapitaLand Ltd., Southeast Asia’s biggest developer, offered to buy the rest of its mall unit for about S$3.06 billion ($2.4 billion).