CORRECTED-Hong Kong shares rise, Vanke B-share delisting plan lifts China

Last Updated: Mon, Jan 21, 2013 05:20 hrs

(Corrects ZTE share price movement in 4th bullet)

* HSI +0.1 pct, H-shares +0.3 pct, CSI300 +0.1 pct

* China Vanke surges, B-shares to relist in Hong Kong

* China shipping lifted by reported Beijing support

* ZTE down after choppy morning trade

By Clement Tan

HONG KONG, Jan 21 (Reuters) - Hong Kong shares hit a fresh 19-1/2 month high on Monday, lifted by mainland Chinese markets that were helped by a 10 percent surge for property developer Vanke after the company announced plans to relist their B shares in Hong Kong.

The Hang Seng Index went into the midday trading break up 0.1 percent at 23,631.9, its highest since June 1, 2011. The China Enterprises Index of the top Chinese listings rose 0.3 percent.

In the mainland, the Shanghai Composite Index and the CSI300 of the top Shanghai and Shenzhen listings each inched up 0.1 percent after earlier testing new highs since early June 2012.

"Hong Kong is very much tracking the A-share market right now, and there's added flows from Japan on expectation of a weaker yen from monetary easing," said Jackson Wong, Tanrich Securities' vice-president for equity sales.

China Vanke's A and B share listings in Shenzhen each soared by the maximum-allowed 10 percent after the country's largest property developer by sales became the second firm to leave the mainland's moribund B-share market.

Vanke's Shenzhen shares were trading on Monday for the first time since they were suspended on Dec. 26. Shares in Vanke's Hong Kong-listed subsidiary Vanke Properties Overseas Ltd , formerly known as Winsor Properties, surged 15.5 percent.

The Chinese shipping sector was also strong after mainland media reported that Beijing is working out a plan to help the sector, involving tax and other financial support that is likely to be rolled out in the first half of the year.

Adding to positive sentiment toward the sector, China Shipping Container Lines jumped 4.3 percent in Hong Kong and 9.9 percent in Shanghai after it said on Friday that it expects to post a net profit for 2012 after posting a loss the year before.

ZTE Corp was down 1.1 percent in Hong Kong at the end of a topsy turvy morning session after China's second-largest telecom equipment maker issued a profit warning for 2012. (Editing by Simon Cameron-Moore)

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