Stocks in Asia were mixed on Thursday following an earlier slip in the morning as traders digest a release from the Federal Reserve.

Mainland Chinese shares saw losses on the day after a turbulent session which saw stocks swinging between positive and negative territory. The Shanghai composite slipped 0.34 percent to close at 2,751.80 while the Shenzhen component declined 0.256 percent to finish its trading day at 8,451.71. The Shenzhen composite shed 0.269 percent to close at 1,444.35.

Hong Kong's Hang Seng index rose around 0.3 percent in its final hour of trading.

Hong Kong-listed shares of computer maker Lenovo surged more than 12 percent after the company announced a return to profit in the third quarter, surpassing market expectations. Profit for the quarter was $233 million, versus a loss of $289 million in the same period a year earlier when the world's largest personal computer maker by shipments took a one-off hit, following U.S. tax reform.

Elsewhere in Asia, Japan's Nikkei 225 gained 0.15 percent to close at 21,464.23 while the Topix ended its trading day largely flat at 1,613.50. Shares of Japanese conglomerate Softbank Group, however, slipped 1.63 percent.

The Kospi in South Korea closed slightly lower at 2,228.66, with shares of Samsung Electronics rising 0.11 percent after the company unveiled its new series of Galaxy smartphones.

The in Australia rose 0.7 percent to close at 6,139.20 as the heavily weighted financial subindex added about 1.5 percent. Shares of the country's so-called Big Four banks gained: Australia and New Zealand Banking Group advanced 1.83 percent, Commonwealth Bank of Australia added 2.01 percent, Westpac gained 1.32 percent and National Australia Bank edged up 0.69 percent.

The ongoing trade negotiations between the U.S. and China remain the "main focus" for markets and are likely to "provide the next catalyst for a strong move in sentiment," Rakuten Securities Australia said in a morning note.

"Hopes that the US will extent the March 1 tariff deadline are growing and any confirmation of this should provide a relief rally across stocks and risk trades with implementation probably leading to a strong sell off," they said.