HONG KONG, July 25 (Reuters) - Hong Kong shares are set for a third straight day of losses on Wednesday on deepenening worries that Spain might need a bailout, renewed concerns about Greece's finances as well as a slew of corporate earning misses.
Major companies such as Huawei Technologies Co Ltd, the world's second-largest telecommunications gear maker and Apple Inc have disappointed with earnings results, which are likely to weigh on technology and telcommunication stocks.
Huawei Technologies posted a 22 percent fall in first-half operating profit, saying the global economy and the telecoms equipment market posed significant challenges.
Its results follow a profit warning from China's ZTE Corp that largely reflects sluggish telecom spending amid a global economic slowdown.
On Tuesday, the Hang Seng Index closed down 0.8 percent at 18,903.2, its lowest close since June 25. The China Enterprises Index of the top Chinese listings in Hong Kong ended down 0.6 percent at 9,217.2.
Elsewhere in Asia, Japan's Nikkei and South Korea's KOSPI were each down 1.5 percent at 0052 GMT.
FACTORS TO WATCH:
* Cheung Kong (Holdings) Ltd, a blue chip property developer controlled by billionaire Li Ka-Shing, said on Wednesday it will team up with Cheung Kong Infrastructure Holdings Ltd, Power Assets Holdings Ltd and Li Ka Shing Foundation Ltd to buy UK gas firm Wales and West Utilities for 645 million pounds ($1 billion).
* Trading in shares of billionaire Li Ka-Shing controlled Cheung Kong Infrastructure Holdings Ltd was suspended on Wednesday before trade opened, the Hong Kong stock Exchange said. It gave no further details on the suspension.
Cheung Kong Infrastructure plans a share placement to raise up to $307 million for general working capital, according to a term sheet for the deal seen by Reuters on Tuesday.
* Anglo American has agreed to buy a majority stake in a coal project in Mozambique for $555 million. The miner said it had agreed to buy a 58.9 percent stake in the Minas de Revuboe project, a deposit sandwiched between a mine owned by Brazil's Vale and a Rio Tinto project.
* Shares of Brazilian miner Vale sank on Tuesday, a day after the company said its chief financial officer would step down a day before second quarter results are expected to be posted.
* Canada will study Chinese oil company CNOOC Ltd's bid for Nexen Inc carefully and no one should make assumptions about whether the proposed takeover will be approved, Prime Minister Stephen Harper said on Tuesday.
* Pan-Asian insurer AIA Group Ltd has secured between $6 billion and $8 billion in financing commitments from eight banks to back its planned bid for ING Group NV's Asian insurance operations, Thomson Reuters publication basis point reported on Tuesday.
* Husky Energy Inc, Canada's No.3 integrated oil producer and refiner, reported a 36 percent fall in second-quarter profit on lower production and weaker realized crude oil prices. Husky, is controlled by Hong Kong billionaire Li Ka-shing, chairman of Hutchison Whampoa Ltd and Cheung Kong (Holdings) Ltd.
* A former HSBC employee accused of stealing data on up to 24,000 secret Swiss accounts from the British lender and handing them to the French tax authorities has been arrested in Spain on a request by Swiss authorities seeking his extradition.
* GOME Electrical Appliances Holding Ltd said on Tuesday it expected to post a net loss for the first half of 2012 due to drop in sales revenue and losses attributable to its e-commerce business. (Reporting by Clement Tan and Donny Kwok; Editing by Edwina Gibbs)