HK Hot Stocks: China Mobile, Li & Fung, airlines soar

HONG KONG, Nov 14 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday:

As of 0235 GMT, the blue-chip Hang Seng Index .HSI was up 3.5 percent, boosted by sharp gains on Wall Street.

The index opened up 3.5 percent at 28,787.40.

STOCKS ON THE MOVE:

* China Mobile (0941.HK: Quote, Profile, Research, Stock Buzz) raced up nearly 6 percent to HK$136.5, a day after its chief executive said the cellular carrier was talking to Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz) about offering the company's iPhones on its network.

* Li & Fung (0494.HK: Quote, Profile, Research, Stock Buzz) surged 6.4 percent to HK$31.65, following surprisingly strong earnings results by its key customer Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) [ID:nN13546370].

* China Resources Land (1109.HK: Quote, Profile, Research, Stock Buzz) soared 8.7 percent to HK$18.7. after Citi upgraded its price target for the Chinese real estate developer to HK$HK$23.71 because of its newly acquired land bank. China Resources Land trades at a 23 percent discount to Citi's 2008 forecast NAV of HK$22.20, it said in a research note released on Wednesday.

Citi said it also saw strong upside to the company's NAV from potential asset injections from its parent.

* Sinopec Corp (0386.HK: Quote, Profile, Research, Stock Buzz) jumped a further 4 percent to HK$10.96 as declining crude prices CLc1 were seen as a boost to the refiner's profit margins.

* Falling fuel prices were also positive for transport stocks with Air China (0753.HK: Quote, Profile, Research, Stock Buzz) leaping 9.2 percent to HK$8.7 and China Southern Airlines Co Ltd (1055.HK: Quote, Profile, Research, Stock Buzz) rising 5 percent to HK$8.37. (Reporting by Rita Chang, editing by Dominic Whiting)