HK Hot Stocks - Chalco recovers; Sichuan Expressway jumps

HONG KONG, July 27 - By 0250 GMT the benchmark Hang Seng Index <.HSI> was up 1.3 percent at 20,238.18.

The China Enterprises Index <.HSCE>, which represents top locally listed mainland Chinese stocks, was 1.6 percent higher at 12,179.91.

Here are some of the stocks on the move in early trade-

* Sichuan Expressway <0107.HK> rose 1.5 percent after its Shanghai-listed shares more than doubled on its debut on Monday, bouyed by the company's strong growth prospects and relatively low IPO price.

Local-currency A shares in Sichuan Expressway <601107.SS> kicked off trading at 7.60 yuan, up from the IPO price of 3.60 yuan, giving its A shares a dramatic 153 percent premium over the HK$3.41 closing price for its Hong Kong-listed H shares on Friday.

* China Everbright <0165.HK> vaulted 9.5 percent to HK$24.70 with its unit China Everbright Securities set to begin book building for a $1.5 billion IPO in Shanghai on Tuesday.

China's ample fiscal liquidity and surging markets have set a strong backdrop for new share offerings this year.

* Aluminum Corp of China (Chalco) <2600.HK> reversed course, from early step losses, to gain 4.9 percent as investors shrugged off a warning from the world's No.3 alumina producer of a loss in the first half of 2009 on low aluminum demand and prices.

Analysts said much of the bad news had been factored into Chalco's share price after its dramatic plunge last year. The stock, which fell 74 percent last year, has clawed back 127 percent so far in 2009.

The stock rose to HK$9.35 by mid-morning after dropping to HK$8.49 earlier.