* HSI -0.7 pct, H-shares - 0.7 pct, CSI300 -0.2 pct
* Hang Seng Index might have best weekly gain since Sept
* Greentown China up 5.9 pct on Sunac bid to buy 30 pct (Updates to midday)
By Grace Li and Chen Yixin
HONG KONG/SHANGHAI, May 16 Hong Kong shares shed early gains on Friday in a consolidation after a rally, but the benchmark index might still produce its best week in more than eight months.
China stocks also fell slightly as investors were anxious about the anticipated restart of initial public offerings (IPOs) and the possibility a slowdown in the Chinese economy will linger.
At midday, the Hang Seng Index was down 0.7 percent at 22,583.79 points, but still up 3.3 percent on the week. If that weekly gain is maintained in the afternoon, the index will have its biggest advance since the week ended Sept. 6.
The China Enterprises Index of the top Chinese listings in Hong Kong was also down 0.7 percent and was up 2.2 percent for the week.
The CSI300 index of the largest Shanghai and Shenzhen A-share listings was off 0.2 percent on Friday, while the Shanghai Composite Index shed 0.3 percent. The Shanghai benchmark was at 2019.04 points, up 0.4 percent on the week.
Analysts said the declines in Hong Kong were quite limited given a substantial correction in New York overnight.
"We have seen a winning streak for quite some time, so this is a natural pullback," said Alex Wong, director of asset management at Ample Finance Group.
Among rising stocks in Hong Kong was property developer Greentown China Holdings Ltd, which jumped 5.9 percent after fellow developer Sunac China Holdings Ltd said it is in talks to buy 30 percent of the company. Sunac shares were down 5.1 percent.
In China, the Nasdaq-style ChiNext Composite Index of mostly high-tech start-ups listed in Shenzhen slumped 2.3 percent by midday.
Wangsu Science & Technology Co dived 9.3 percent and Hangzhou Shunwang Technology Co stumbled 7.8 percent.
Investors are concerned about valuation on the Chinext board and "there is no sign of snapping a downtrend," said Li Zheming, an analyst at Datong Securities in Liaoning.
Macau casinos rebounded a bit from Thursday losses. Sands China Ltd rose 0.6 percent while Wynn Macau Ltd was up 1.5 percent after its chairman Steven Wynn dismissed concerns that China's corruption crackdown would have a major impact on revenue.
(Editing by Richard Borsuk)