HK Hot Stocks: China Life and ICBC up, Want Want dives

HONG KONG, March 26 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday:

As of 0233 GMT, the blue-chip Hang Seng Index .HSI was up 1.42 percent, tracking gains overseas and buoyed by strong results from some major blue chips.

The benchmark Hang Seng Index .HSI opened up 0.52 percent.

STOCKS ON THE MOVE:

* Shares in Taiwan-based snack maker Want Want China Holdings Ltd (0151.HK: Quote, Profile, Research, Stock Buzz), the most heavily traded stock, slid to HK$2.89 in their Hong Kong debut on Wednesday, below their Hong Kong IPO price of HK$3 per share, after the firm raised $1 billion in a Hong Kong initial public offering.

* China Life Insurance Co (2628.HK: Quote, Profile, Research, Stock Buzz) rose 3.1 percent to HK$28.3 after the China's largest life underwriter posted a 42 percent gain in second-half 2007 profit due to strong investment returns, topping analysts' expectations. [ID:nT353504]

* Shares of China's top integrated copper producer, Jiangxi Copper Co Ltd (0358.HK: Quote, Profile, Research, Stock Buzz) (600362.SS: Quote, Profile, Research, Stock Buzz) fell 0.96 percent to HK$14.46 after it said 2007 earnings fell 12.4 percent to 4.15 billion yuan ($588.6 million) in 2007, due to falling processing fees for smelting the metal. The earnings lagged an average forecast of 4.54 billion yuan from 15 analysts polled by Reuters Estimates. [ID:nHKG338828]

* Industrial & Commercial Bank of China Ltd (1398.HK: Quote, Profile, Research, Stock Buzz) rose 3.46 percent to HK$5.38 and Bank of China (3988.HK: Quote, Profile, Research, Stock Buzz) rose a respective 3.4 percent to HK$3.35 after the banks posted higher fourth-quarter profits on Tuesday, buoyed by the country's surging economy, but the state giants were dragged down by holdings in U.S. subprime-related securities. [ID:nHKG326898]

* Shares of Lu Ning (2331.HK: Quote, Profile, Research, Stock Buzz) fell 4.2 percent to HK$20.55. The chairman of China's largest sportswear retailer, Li Ning, is selling up to HK$408 million ($52.43 million) worth of shares in the company at 5 percent to 10 percent below the stock's closing price, according to a term sheet obtained by Reuters. [ID:nHKG346802]