* HSI +0.8 pct, H-shares +0.4 pct, CSI300 -0.3 pct
* Belle, Daphne again soar on broker upgrades
* ChiNext outperforms on report insurers can invest
* IPO wave a concern after Shaanxi Coal aims to get $1.6 bln
By Alice Woodhouse and Clement Tan
HONG KONG, Jan 8 Shares of China-focused
footwear retailers had strong gains again on Wednesday, helping
lift Hong Kong's main benchmark indexes, but mainland Chinese
markets slipped close to five-month lows.
The resumption of new initial public offerings in the
mainland remained a concern on fears they may divert funds.
Shaanxi Coal Industry said it is aiming to raise 9.8 billion
yuan ($1.62 billion) in the country's largest initial public
offering since late 2011.
The 21st Century Business Herald newspaper reported on
Wednesday that the China Securities Regulatory Commission has
told companies planning new IPOs to slow their preparations.
By midday, the Hang Seng Index was up 0.8 percent at
22,886.3 points, while the China Enterprises Index of
the top Chinese listings in Hong Kong rose 0.4 percent. If gains
hold, Wednesday will produce the H-share index's first advance
The CSI300 of the largest Shanghai and Shenzhen
A-share listings slipped 0.3 percent, while the Shanghai
Composite Index was down 0.4 percent as volumes stayed
lackluster. Both indexes are languishing near their lowest since
The Nasdaq-styled ChiNext index of mainly
technology start-ups listed in Shenzhen rose 2.3 percent after
regulators reportedly paved the way for insurance companies to
invest in firms listed on the board.
Turnover in Hong Kong plateaued after a morning rush,
following issuance of new shares by China Oilfield Services
, which sent their H-shares down 0.9 percent.
Investors are "just focusing their attention on individual
stocks... so they are looking for some laggards in the market,
particularly those where they believe that the worst is over,"
said Ben Kwong, Hong Kong-based chief operating officer of
stockbroker KGI Asia.
Footwear retailer Belle International, which
gained more than 5 percent the previous day, climbed 8.9 percent
on Wednesday after Deutsche Bank analysts upgraded the stock
from "hold" to "buy".
Rival Daphne International, which surged 14
percent on Tuesday, was up another 12.8 percent at midday,
lifting the stock to its highest mid-October.
In 2013, Daphne tumbled more than 67 percent while Belle
shares plummeted nearly 47 percent.
Shares in jewellery retailer Chow Tai Fook, surged
nearly 10 percent after it reported third quarter revenue grew
Waste management and most alternative energy counters rose
after Chinese state media reported late on Tuesday that Beijing
has ordered provinces to reduce air pollution by 5 to 25
China Everbright International climbed 4.4 percent
to near-record highs, while solar power names Xinyi Solar
and GCL-Poly Energy each rose more than 4
percent on Wednesday day.
The State Council, China's cabinet, over the weekend pledged
further support for its ailing solar power industry as the
government seeks to revive a sector struggling with overcapacity
and falling prices.
Still, in a sign hopes for the alternative energy sector may
be overly optimistic, wind power generator China Longyuan Power
Group Corp Ltd slid 3.5 percent after power-
generation figures underwhelmed expectations.