Hong Kong shares sink as HSBC slumps after earnings, China slips
* HSI -1.6 pct, H-shares -1.6 pct, CSI300 -0.2 pct
* HSBC share price knocked off 11-mth closing high
* ANTA Sports climbs ahead of H1 earnings
* Zhaojin Mining sinks after negative profit warning
By Clement Tan
HONG KONG, Aug 6 (Reuters) - Hong Kong shares sank on Tuesday, pulled down by a 4.7 percent tumble for index heavyweight HSBC Holdings after its first half earnings disappointed investors.
At midday, the Hang Seng Index declined 1.6 percent to 21,877.2 points. The China Enterprises Index of the top Chinese listings in Hong Kong also shed 1.6 percent.
The last day on which the HSI fell more than 1 percent was July 8.
The Shanghai Composite Index and the CSI300 of the leading Shanghai and Shenzhen A-share listings each slipped 0.2 percent. If losses hold, this will be their first declines in six sessions.
"HSBC is taking everybody down with it today," said Linus Yip, a strategist with First Shanghai Securities. "Yes, their earnings may have missed, but HSBC shares had also jumped quite a fair bit leading into their earnings announcement."
Tuesday's losses knocked shares of HSBC off Monday's 11-week closing high after they soared 13 percent from a June 24 low. After the Hong Kong market closed Monday, Europe's largest bank reported $14.1 billion in pretax profit in the first half, less than an expected $14.6 billion.
HSBC's rival Standard Chartered (StanChart), due to report its interim earnings later on Tuesday, fell 1.4 percent after closing on Monday at a nine-month high. Down almost 8 percent on the year, StanChart is now trading at 9.5 times forward 12-month earnings, according to Thomson Reuters StarMine.
In the past 30 days, three of 17 analysts have downgraded their full year earnings-per-share estimates for StanChart by an average of 1.4 percent, according to StarMine.
ANTA Sports climbed 2 percent after earlier testing its highest since March 2012 ahead of its interim earnings release. Hopes are high that they will show that the inventory woes hurting Chinese sporting brands are dissipating.
Chinese property A-shares were hurt on Tuesday by a report in the official China Securities Journal, citing a director at the top economic planning agency as saying Beijing should persevere with policies to regulate and control the property market.
China Vanke dropped 2.2 percent in Shenzhen, while Poly Real Estate sank 2.3 percent in Shanghai.
Miners declined after a profit warning from gold miner Zhaojin Mining and a report in the official Shanghai Securities News that China's environment ministry will toughen emission standards for six base metal industries as part of Beijing's anti-pollution efforts.
Zhaojin dived 3.7 percent in Hong Kong, while Zijin Mining shed 3 percent in Hong Kong and 1.2 percent in Shanghai.
Chinese dairy counters Yashili International fell 4.4 percent, while Biostime sank 3.6 percent before trading was suspended in Hong Kong in mid-morning, pending an announcement related to an investigation by Beijing's top economic planning agency.