HK Hot Stocks - Li & Fung tumbles, SMIC soars

(Adds Li & Fung, Standard Chartered)

HONG KONG, Nov 11 (Reuters) - Hong Kong's benchmark Hang Seng Index .HSI was down 0.6 percent at 14,657.14 by 0311 GMT.

The China Enterprise Index .HSCE of top locally listed mainland Chinese companies was up 1.1 percent at 7,494.14.

Here are some of the stocks on the move:

* Hong Kong-based consumer goods exporter Li & Fung (0494.HK) slid 10 percent after the supplier to U.S. retailers such as Wal-Mart said at the weekend it had imposed a hiring freeze and would lay off some employees, among other cost-cutting measures.

* Standard Chartered Bank (2888.HK) fell 4 percent. The bank said on Monday its local subsidiary in Brazil had agreed to acquire some fixed assets from Lehman Brothers Brazil. [ID:nWLB3205]

* Semiconductor Manufacturing International Corp (SMIC) (SMI.N)(0981.HK) soared 49 percent. China's top contract chip maker, plans to sell $171.8 million worth of new shares to Beijing-based Datang Telecom Technology & Industry Holdings Co Ltd, raising funds to enhance its working capital position. [ID:nHKG152167]

* Lenovo (0992.HK), the world's No. 4 PC maker, fell 1 percent after Credit Suisse cut its earnings forecast for the company by 58 percent and 48 percent for 2009 and 2010, respectively, due mainly to slow corporate demand. The stock hit a nine-year low on Monday after Morgan Stanely downgraded the company.

* Europe's biggest bank HSBC (HSBA.L)(0005.HK) lost 1 percent. The bank said its third-quarter profits were up on a year ago as growth in Asia offset rising U.S. bad debts. But it took a $4.3 billion hit for bad debts in its U.S. personal finance arm -- up $700 million from the previous quarter. [ID:nLA296008]

* China Overseas Land (0688.HK) rose 1.6 percent after the Chinese property group said on Monday it posted a 20 percent year-on-year rise in property sales.

* Shanghai Electric Group (2727.HK) rose 12 percent. The company said late on Monday it had received official approval from the China Securities Regulatory Commission regarding its A share issue and merger proposal.

* China Everbright International (0257.HK) gained 10 percent. The company said it was in talks with a unit of its controlling parent regarding the sale of property-related assets with a view to disposing of non-core assets to focus on its core business of environmental protection. For statement please see here

(Reporting by Jun Ebias; Editing by Anne Marie Roantree)