HK, China shares drift; new listings surge

HONG KONG, July 10 (Reuters) - Shares in Hong Kong and China were little changed by midday Friday, but investors shrugged off their concerns over the global economic outlook to pile into the new listings in both markets, boding well for the languid primry market.

China's first batch of initial public offerings (IPOs) in 10 months listed in Shenzhen on Friday, with the new listings doubling intraday in hectic trade, while Hong Kong's new listing Amber Energy (0090.HK) soared on massive interest with the retail portion of its issue oversubscribed 1,247 times. [ID:nSHA157992]

"With the uncertainty about the U.S. economy and China's monetary policy dragging down the broad market, IPOs have become the way to make some quick money," said Steven Leung, director with UOB Kay Hian.

China saw a net fund outflow of $424 million in the week to July 8, while Hong Kong saw a pick-up in inflows, up 1.8 percent over last week, in line with easing concerns over interest rates, and the launch of a number of initial public offerings.

Here are the index moves and top stock moves by midday-

HONG KONG

* The benchmark Hang Seng Index .HSI was up 0.11 percent or 20.01 points at 17,810.60, heading for a 2.2 percent weekly decline.

* The China Enterprises Index .HSCE, which represents top locally listed mainland Chinese stocks, rose 0.47 percent or 49.86 points to 10,691.05.

* New listing Amber Energy (0090.HK), a gas-fired power plant operator, surged 72.9 percent to HK$2.87 on its debut, outstripping its issue price of HK$1.66. The stock opened at HK$2.56 and hit a high of HK$2.98 earlier in the session, up 79.5 percent with over 192 million shares changing hands.

* Offshore oil specialist CNOOC (0883.HK) rose 1.9 percent as crude oil ended its six-session slide on Thursday and stayed above $60 per barrel on Friday, as talk of refinery shutdowns supported gasoline futures and a drop in U.S. weekly employment claims brought cheer to the market. The stock gave up more than 5 percent in six sessions to Thursday.

* Chinese gas distributor Zhengzhou Gas Company (3928.HK) soared 16.8 percent to HK$12.12 after it said its state-owned parent was looking to sell an 80 percent stake to non-listed China Resources Gas Holdings (CRGH) through the formation of a joint venture.

* If completed, CRGH, through its 80 percent stake in the joint venture, would indirectly own 34.5 percent of listed Zhengzhou Gas Group, and that would trigger an obligatory general offer to remaining shareholders of the company.

* Xingfa Aluminium (0098.HK) jumped 6.1 percent on its plans to more than triple its annual production capacity to 400,000 tonnes by 2014. The company is looking to capture growing demand from the construction and industrial sectors, the South China Morning Post cited chief financial officer Bobby Wong as saying.

SHANGHAI

* The Shanghai Composite Index .SSEC ended the morning down 0.14 percent at 3,118.560, heading for a 1 percent weekly gain so far.

* Gaining Shanghai A shares outnumbered losers by 563 to 346, while turnover in Shanghai A shares climbed to 93.3 billion yuan ($13.7 billion) from Thursday morning's 92.0 billion yuan.