HK Hot Stocks - Chinese banks down; MCC dives on debut

HONG KONG, Sept 24 - By 0246 GMT, the benchmark Hang Seng Index <.HSI> was down 2.08 percent at 21,146.25.

The China Enterprises Index <.HSCE> of top locally listed mainland Chinese stocks dropped 2.66 percent to 12,101.01, while the Shanghai Composite Index <.SSEC> had edged down 0.44 percent to 2,830.117.

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

* Metallurgical Corp of China (MCC) <1618.HK>, a Chinese construction and engineering company that helped build Beijing's "Bird's Nest" Olympic stadium, dived to as low as to HK$5.40 on its trading debut, nearly 15 percent below the issue price of HK$6.35. The shares had steadied at HK$5.58 by 0250 GMT.

MCC raised $2.34 billion in Hong Kong's biggest IPO so far this year, after raising slightly more in Shanghai last week for total proceeds of $5.12 billion. Its IPO is the second-biggest this year after China State Construction Engineering Corp's <601668.SS> $7.3 billion offering in July.

* China Construction Bank <0939.HK> <601939.SS> (CCB) fell 2.2 percent to HK$6.27 after it said it had invested 100 million yuan ($14.6 million) in a rubber stopper company, in a bid to tap into China's booming healthcare sector. The company provides stoppers to medical companies, including Sinovac Biotech <SVA.A>, the world's first drugmaker to receive approval to mass produce a vaccine for the H1N1 influenza virus. [ID:nPEK320649]

* Industrial and Commercial Bank of China <1398.HK>, the world's largest bank by market capitalisation, fell nearly 3 percent to HK$5.88 after the lender said it would take a cautious approach to expanding overseas. [ID:nBJC000456] * Apparel and footwear retailer Hembly International <3989.HK> soared more than 73 percent to an all-time of HK$1.70 before steadying at HK$1.44, still up 47 percent from previous close prior to a trading suspension. The company said it would buy waste-to-energy projects in China for HK$1.16 billion in a bid to diversify its business as consumers are reducing their spending.

* Electronic and electrical component manufacturer Sino-Tech <0724.HK> jumped 50 percent to an all-time high of HK$0.50 after it said it would buy CITIC Logistics for HK$1.14 billion, a deal to be settled by an issue of notes and shares. CITIC Logistics has obtained rights from an energy company to provide transportation for petroleum products in Hong Kong. The stock steadied at HK$0.46, still up 22 percent from the previous close prior to a trading suspension.

* Property investment firm Goldin Financial <0530.HK> fell 12.8 percent after it said it planned to raise HK$2.5 billion through a rights issue at HK$1.07 per share, a 14.4 percent discount to the previous close, raising capital to fund its business in China.