RPT-HK Hot Stocks: Zijin soars, Sinopec drops

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HONG KONG, April 7 (Reuters) - Here are some stocks on the move in Hong Kong on Monday.

As of 0242 GMT, the blue chip Hang Seng Index .HSI had edged up 0.30 percent, but profit-taking pressure and renewed fears about a U.S. recession loomed, after the biggest monthly fall in jobs there in five years.

The China Enterprises Index of Hong Kong-listed mainland companies .HSCE, or H shares, was up 0.18 percent.

STOCKS ON THE MOVE:

* Shares in Zijin Mining Group (2899.HK), China's second-largest gold miner, soared more than 8 percent to HK$7.76. The firm said on Monday it was launching a Shanghai initial public offer of shares that could raise roughly $1.4 billion.

The company also plans to issue as many as 1.5 billion new local currency A shares, or 10.2 percent of its enlarged share capital, to raise funds for expansion projects that mainly involve mining and processing of gold and copper. [ID:nSHA6887]

* China's second largest life-insurer, Ping An Insurance (2318.HK)(601318.SS), climbed nearly 2 percent to HK$64.30. The firm has set up a 20 billion yuan ($2.85 billion) private equity unit to invest in pre-initial public offering financing deals, the South China Morning Post reported on Saturday.

The news comes after Ping An, China's No. 2 life insurer, finalised a deal to set up a global asset management partnership with Belgian-Dutch financial group Fortis (FOR.BR)(FOR.AS) [ID:nPEK44868].

* Shares in Sinopec (0386.HK), Asia's top oil refiner, fell 3.75 percent to HK$7.19 after its sharper-than-expected two-thirds decline in quarterly earnings.

Citigroup said Sinopec's (600028.SS) (SNP.N) 2007 net profit of 56.5 billion yuan ($8.05 billion) was 7 percent below its forecast.

Sinopec also said it plans to issue up to 20 billion yuan worth of domestic bonds, raising funds for working capital and for reducing financing costs. For a full statement please see here

(Reporting by Joseph Chaney; Editing by Anne Marie Roantree)