HK, China shares drift; new listings surge

* IPOs dazzle in both markets in hefty trade

* HK shares fall for 2nd week to finish at two-week low

* China shares drop off 13-mnth high; gain 0.8 pct on week (Updates to close)

By Parvathy Ullatil and Claire Zhang

HONG KONG, July 10 (Reuters) - Shares in Hong Kong and China dropped on Friday as worries about the global economy kept a check on buying, but investors piled into new listings on both bourses, boding well for the languid primary 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 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.

HONG KONG SHARES FALL FOR 2ND WEEK