PRESS DIGEST - Hong Kong - May 5

HONG KONG, May 5 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- The number of mainland tourists visiting Hong Kong during the shortened Labour Day holiday break dropped 18 percent. But retailers said sales were stable during the period.

APPLE DAILY

-- The Chinese Gold and Silver Exchange Society has criticised HKEx for using London gold prices as a local reference.

MING PAO DAILY NEWS

-- Asia Cement (China) Corporation is to kick off its IPO exercise today with a target to raise HK$2.4 billion. The company said production would be increased to above 10 million tonnes per year by the end of this year.

SING TAO DAILY

-- Standard Chartered (STAN.L) (2888.HK) announced the ratio of shareholding by stake holder Temasek had dropped slightly to 18.99 percent from 19.03 percent. Banknote issuer banks in Hong Kong such as Standard Chartered would lose that status if foreign ownership surpassed the 20-percent mark.

SOUTH CHINA MORNING POST

-- China Unicom (0762.HK) chairman Chang Xiaobing may become chief executive of China Mobile (0941.HK) as part of the industry reshuffle due to begin later this month, according to sources.

-- Members of the Council for Sustainable Development want the chief executive to reverse what they say is the downgrading of the advisory body after a ministerial reshuffle, with some suggesting some of its work be suspended until the issue is addressed.

THE STANDARD

-- The first land auction of this fiscal year -- a small site in Sai Kung, New Territories -- may fetch between HK$12 million and HK$20 million, surveyors said.

-- Mainland fund management firms will be able to operate directly in Hong Kong under the Closer Economic Partnership Agreement, the China Securities Regulatory Commission said.

SING PAO

-- Same shelf items from the outlets of the same supermarket chain in the same district could have a price difference of 100 percent or more, according to findings by a price-comparison team formed by political party DAB.

WEN WEI PO

-- Mutual fund business on the mainland is still in high-speed growth despite the A-share slump. Total fund assets took nine years to reach 1,000 billion yuan but only a further six months to triple and reach 3,000 billion yuan.

TA KUNG PAO

-- The Growth Enterprise Market will go through a reformation after a long consultation process. The role of this second-board is to act as company springboard to the main board for trading in the future. Requirements to list will also be tightened and will come into effect on July 1 this year.

HONG KONG ECONOMIC JOURNAL

-- The secondary property market has slowed as buyers take to the sidelines in anticipation of the launch of some new flats to the market.

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