HK Hot Stocks: PICC falls, New Media up in debut

HONG KONG, Feb 12 (Reuters) - Here are some stocks on the move in Hong Kong on Tuesday:

As of 0220 GMT, the blue-chip Hang Seng Index .HSI was up nearly 2 percent, widening opening gains.

The index opened up 1.5 percent at 22,953.78.

STOCKS ON THE MOVE:

* New Media shares (0708.HK: Quote, Profile, Research, Stock Buzz) jumped as much as 121 percent in their debut after it raised HK$87.61 million in a Hong Kong IPO.

* Ping An (2318.HK: Quote, Profile, Research, Stock Buzz) dropped 0.6 percent to HK$53.90 after Goldman Sachs cut the stock to neutral from buy, saying the life insurer faced capex challenges and needed to unfreeze non-tradeable shares, among other difficulties.

Goldman also cut the country's top non-life insurer PICC (2328.HK: Quote, Profile, Research, Stock Buzz) to sell from neutral on macro uncertainties and a dampened earnings outlook. Shares slid 1.2 percent to HK$7.38.

[ID:nHKG295229] (Reporting by Rita Chang; Editing by Anne Marie Roantree)