China shares fall, affecting Hong Kong market, as money exits blue-chips
* HSI -0.2 pct, H-shares -0.4 pct, CSI300 -0.8 pct
* Sands China down to 3-week low as Q2 earnings disappoint
* PetroChina drops after report on detention of two executives
* Kunlun Energy jumps 6.1 percent to one-month high (Updates to midday)
By Grace Li
HONG KONG, July 17 (Reuters) - China shares slid on Thursday, pulling down Hong Kong markets, as investors moved from blue-chips to some beaten-down growth stocks and keep money aside for new initial public offerings (IPOs).
At midday, the Hang Seng Index was down 0.2 percent at 23,468.21 points, after rising the previous three sessions. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.4 percent.
The CSI300 of the leading Shanghai and Shenzhen A-share listings and the Shanghai Composite Index both fell 0.8 percent. The Shanghai benchmark stood at 2,050.59 points.
"Although the overall economy and liquidity condition are improving, there's still a lack of confidence for investors to put more funds into the A-share markets," said Guo Yanling, senior analyst at Shanghai Securities.
While blue-chips recently rose as money shifted into them from growth stocks or new listings, the flow was not heavy enough to support a sustained rally for them, Guo added.
Among Thursday's biggest index drags in Shanghai, Industrial and Commercial Bank of China was off 0.9 percent while Kweichow Moutai - which closed Wednesday at its highest since April 24 - shed 1.1 percent.
Eleven of the 12 IPOs which were approved on Monday will start taking subscriptions next week. Guotai Junan Securities expects that to lock up nearly 600 billion yuan ($96.72 billion) in funds, according to the Securities Times website.
PetroChina slipped 0.8 percent in Shanghai and 0.4 percent in Hong Kong. A report on Caixin magazine website late on Wednesday, citing unnamed sources, said two executives from PetroChina's overseas operations had been detained.
Its natural gas distribution arm Kunlun Energy jumped 6.1 percent to its highest in a month, buoyed by media reports that PetroChina is considering injecting more gas assets into Kunlun to deal with private-sector competition.
Shares of Macau casino Sands China fell 1.5 percent after the company reported weaker-than-expected earnings.
Peer Wynn Macau lost 2 percent and Galaxy Entertainment Group 0.9 percent.
Earlier this week, Fitch Ratings lowered its 2014 Macau revenue growth estimate to 10 percent from 12 percent, attributing the slower pace to weakness in the VIP segment. ($1 = 6.2034 Chinese Yuan) (Editing by Richard Borsuk)
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