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.