* HSI -1.0 pct, H-shares -0.8 pct, CSI300 -0.5 pct
* Hong Kong shares heading for worst week since May 2012
* New World Development falls to 21-month low after rights
By Alice Woodhouse and Chen Yixin
HONG KONG/SHANGHAI, Mar 14 Hong Kong shares fell
on Friday, dragged down by index heavyweight Tencent Holdings
Ltd after the Chinese central bank called for a halt
to certain types of mobile payments, causing a slide in
online-payment-related stocks in China.
China shares dropped and hovered around two-month lows as
nerves over the latest economic data stoked concerns of a
slowing Chinese economy.
By midday, the Hang Seng Index was down 1 percent at
21,541.04 points. On the week, it has fallen 4.9 percent and is
heading for its largest weekly loss since May 2012.
The China Enterprises Index of the top Chinese
listings in Hong Kong dropped 0.8 percent and has fallen 4.7
percent for the week, its largest weekly loss since June 2013.
The CSI300 index of the largest Shanghai and
Shenzhen A-share listings fell 0.5 percent, while the Shanghai
Composite Index was down 0.5 percent at 2,008.36 points.
On the week, they have fallen 1.7 percent and 2.4 percent,
Tencent Holdings Ltd dropped as much as 6.4
percent to its lowest in four weeks, after the People's Bank of
China demanded that payments made by scanning a bar code with
mobile devices be halted, amid concerns over the security of
their verification procedures.
Tencent, China's largest listed Internet company, and
e-commerce firm Alibaba confirmed to Reuters that they had
received a notice from the PBOC about the move.
"Tencent itself is a news-driven stock and people got used
to seeing the shares jump lately due to its frequent expansion
moves. Investors were nervous because of the report and locked
in profit after the recent rally, in particular ahead of its
earnings next week," said Ben Kwong, chief operating officer at
"The market is cautious and people are nervous after the
latest set of China data which confirmed a slowing economy in
the mainland," Kwong said.
China Citic Bank , which earlier this
week said it had teamed up with Tencent and Alibaba (China) on
Internet finance services, fell 8.1 percent in Shanghai and 6.9
percent in Hong Kong.
Quick response (QR) codes companies, the technology used for
mobile online payments, were among the top drags in the market.
Fujian Newland Computer Co Ltd dived 8.9 percent,
while SZZT Electronics Co Ltd lost 7.3 percent.
Shares in Hong Kong property developer New World Development
Co Ltd fell 14.8 percent to its lowest since June
2012, after it announced on Friday a rights issue plan and said
it would take its majority-owned New World China Land
private for HK$18.6 billion ($2.4 billion).
Shares in New World China Land Ltd jumped 28.8 percent.