Hong Kong shares close up

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HongKong111

Hong Kong - Hong Kong shares got off to a sluggish start to the week on Monday, as strength in Chinese PC maker Lenovo offset weakness in local utilities giant Power Assets after it slashed the size of a spin-off listing of its Hong Kong electricity business.

A sluggish mainland market also weighed, as investors took no cheer from the postponement of another five planned initial public offerings after the securities regulator said on Sunday it would step up supervision of new listings.

The Hang Seng Index ended up 0.2 percent at 22,888.76 points.

The China Enterprises Index of the top offshore Chinese listings in Hong Kong also inched up 0.2 percent.

Power Assets fell 1.4 percent after it slashed the size of a Hong Kong initial public offering of its electricity business by nearly one-third to $3.6 billion because of a lower expected valuation and its decision to keep a large stake in the business. - Reuters



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