HONG KONG, May 21 (Reuters) - Hong Kong shares fell from a 3-1/2-month high on Tuesday, hurt by a series of fund raising moves and Goldman Sachs' exit from Industrial and Commercial Bank of China.
The Hang Seng Index closed down 0.5 percent at 23,366.4 points after closing on Monday at its highest since early February. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.9 percent.
The Shanghai Composite Index and CSI300 of the leading Shanghai and Shenzhen A-share listings each reversed midday losses to end up 0.2 percent for a fifth-straight daily gain.
* As of 0800 GMT, Industrial and Commercial Bank of China (ICBC) shed 2.1 percent after Goldman Sachs ended a seven-year investment in the country's largest lender. The magnitude of ICBC's loss in Hong Kong was smaller than the 2.5 percent discount Goldman offered its remaining 1.585 billion H-share stake, pointing at robust demand despite being priced at the top end of the marketed HK$5.47-$5.50 range.
* China coal plays again rose, while power producers slumped for a second day due to concerns that potential curbs on lower quality coal imports could help demand for local coal producers, while crimping the margins of power producers that rely on cheaper foreign imports.
* PICC Property & Casualty fell 2.6 percent in Hong Kong after it announced plans for a rights issue to raise a combined net 5.76 billion yuan ($938.28 million) to strengthen its capital base and improve its solvency margin.