* HSI -0.1 pct, H-shares -0.2 pct, CSI300 +0.3 pct
* China industrial output, retail sales, urban investment
* China shippers rally on "special funds" for buying,
* Coal sinks, environmental companies rise on China
By Clement Tan
HONG KONG, Dec 10 Hong Kong shares fell early on
Tuesday as investors marked time ahead of more Chinese data and
Beijing kicked off an annual economic work conference where
targets will be set for 2014.
The Chinese shipping sector rose in Hong Kong after the
government announced new subsidies for buying and scrapping
ships that will run until end 2015, confounding an earlier
pledge to reduce support for sectors plagued by overcapacity.
China data for November urban investment, industrial output
and retail sales are due at 0530 GMT, while money supply, loan
growth and total social financing data are due by Dec. 15.
At midday, the CSI300 of the leading Shanghai and
Shenzhen A-share listings was up 0.3 percent, while the Shanghai
Composite Index inched up 0.2 percent. The Nasdaq-style
ChiNext Composite Index of mainly technology
start-ups listed in Shenzhen slipped 0.4 percent.
The Hang Seng Index was down 0.1 percent at 23,790.2
points. The China Enterprises Index of the top offshore
Chinese listings in Hong Kong slipped 0.2 percent. Both have
been traded in the same ranges for more than three weeks, since
Beijing unveiled reform details late on Nov. 15.
"The optimism on China is still intact, data will still
drive the market in the short term, but reform details and
execution will bolster the longer term view," said Linus Yip, an
analyst at First Shanghai Securities.
"The optimism on China is still intact and investors want to
position themselves for the next stage of the rally, but it's
the year-end and investors are starting to be looking to lock in
gains," Yip added.
Chinese cities and provinces including Shanghai, Shenzhen,
Chongqing and Wuxi are accelerating the introduction of
state-owned enterprise reforms, aimed at giving the markets a
"decisive" role in resource allocation, the official Shanghai
Securities News reported on Tuesday.
The official Xinhua news agency reported that China's
leaders have started a closed-door meeting to map out their
economic and reform plans for 2014. Another conference for
urbanisation is reported to be in the works.
On Tuesday, shares of China Rongsheng Heavy Industries
, the country's largest private shipbuilder, spiked 6.3
percent in Hong Kong to near its highest since June.
The sector was broadly mixed in the mainland though with
China Shipbuilding Industry Co sinking 1.8 percent
in Shanghai, while China Shipping Development
climbed 1.2 percent.
China Shipping Development was further buoyed by a
32 percent target price upgrade by Deutsche Bank analysts for
its H-share listing on expectations that its re-rating will
continue on a strong earnings recovery. Its shares rose 1.1
percent in Hong Kong.
Qingdao Haier jumped the maximum 10 percent
limit in Shanghai at the resumption of trade, while Haier
Electronics soared another 8.8 percent after surging
13.1 percent on Monday after the company said Alibaba would buy
stakes in Qingdao Haier and Haier Electronics as part of a joint
Chinese coal counters fell on fears physical demand will be
hit after record high pollution levels in the mainland. China
Coal fell 1.6 percent to its lowest in almost three
weeks in Hong Kong, while slipping 0.4 percent in Shanghai.
Environmental protection-related counters were strong.
Beijing Enterprises Water jumped 4.5 percent, while
China Everbright International climbed 2.8 percent.