HK shares snap 3-day rally; China stocks drift down

(Updates to midday)

HONG KONG/SHANGHAI, June 15 (Reuters) - Hong Kong shares snapped a three-day winning streak amid a lack of fresh evidence of a global economic recovery and lower energy prices, while China stocks edged down as the market braced itself for an imminent resumption of IPOs.

Shenzhen Development Bank (000001.SZ) rallied 7.2 percent on Monday after Ping An Insurance (Group) (601318.SS) said it would increase its stake in the mid-sized lender to close to 30 percent, from the under 5 percent it holds.

But Ping An (2318.HK) shares were mixed, as some analysts deemed the deal expensive and not greatly value accretive to the insurer's banking aspirations.

Shares in Ping An and Shenzhen Development Bank had been suspended for a week to Monday.

Ping An was up 0.7 percent at 45.40 yuan in Shanghai, while its Hong Kong-listed shares slid 3.1 percent to HK$57.25. The Shanghai-listed stock is trading at a nearly 40 percent discount to its Hong Kong shares, compared with a 25.8 percent premium commanded by a broad-base of A-shares over their H-share counterparts.

Here are the index moves and top stock moves by midday-

HONG KONG

* The benchmark Hang Seng Index .HSI was 1.5 percent lower at 18,606.15, falling in tandem with other major markets as still-high U.S. Treasury yields weighed. [ID:nSP8717]

* "Asia ex-Japan equities, which are trading at above mid-cycle valuations on the back of the global rise in liquidity, look vulnerable, as the earnings yield would have to move higher in line with rising bond yields to sustain the rally," said Mun Hon Tham, an analyst with Daiwa Institute of Research.

* Turnover shrank to to HK$37.6 billion from midday Friday's HK$45.4 billion.

* The China Enterprises Index .HSCE of top mainland companies fell 1.6 percent to 10,916.16.

* Energy stocks slipped as crude oil price stayed weak after dropping off an eight-month high last week amid a stronger dollar and recent sharp gains. Crude price stayed below $72 per barrel in Asian trade Monday.

* Offshore oil specialist CNOOC (0883.HK) dropped 3.3 percent to HK$10.48, while Asia's largest oil and gas producer PetroChina (0857.HK) gave up 2.3 percent.

* Jewellery maker Tse Sui Luen (0417.HK) surged as its shares emerged from a 2-½ year suspension following corruption charges against its founder and former chairman, who was later sentence to a jail term. The stock was up 270.4 percent at HK$3.

* Property company Poly (Hong Kong) Investments (0119.HK) dropped after it said it would sell 230 million shares at a discount to a major shareholder to raise HK$776 million to fund investments, including building up its land bank.