In Hong Kong, Chinese H-shares fell 0.33% to 10,916.14, while the Hang Seng Index was down 0.4% at 29,179.93 as global investors weighed ifnlation concerns ahead of US economic data.
Fu said he did not see a continued rally in the market, adding that investors should pocket gains after indexes hit higher levels as the market would remain range-bound going forward.
Investors purchased a net 8.3 billion yuan ($1.30 billion) worth of A-shares through the Stock Connect linking mainland and Hong Kong, according to Refinitiv data.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
"Chinese vaccine stocks had been spurred recently by news of worsening situations in other countries, such as India," said Wu Tianhao, an analyst at Western Securities.