Hong Kong shares slip from near 3-week high, Prince Frog plunges

HONG KONG Wed Oct 16, 2013 4:08am EDT

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HONG KONG Oct 16 (Reuters) - Hong Kong shares slipped from a near-three week high on Wednesday, roiled by a weak mainland Chinese market and as a U.S. deal to avert a debt default remains elusive.

The Hang Seng Index, which closed on Tuesday at its highest since Sept. 23, finished down 0.5 percent at 23,228.3 points. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent.

Child skincare products maker Prince Frog International lost $209.9 million of its market value, plunging 25.7 percent in a record loss after it became the latest Hong Kong-listed Chinese company to be criticised by a short-seller.

Trading in its shares was suspended shortly before the midday break.

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