HONG KONG, Aug 14 (Reuters) - Hong Kong shares reversed course on Friday to fall 1 percent by mid-morning, tracking sharp losses on the Shanghai bourse, which was weighed down by concerns over increased supply of shares amid new listings and rights issues.
By 0343 GMT, the benchmark Hang Seng Index was down 195.53 points at 20,665.77 but consumer goods exporter Li & Fung bucked the trend to jump 7.5 percent on an improved outlook for its second-half earnings.
The gauge opened 0.8 percent higher.
The China Enterprises Index, which represents top locally listed mainland Chinese stocks, was down 1.2 percent at 11,758.90, tracking a 2.4 percent drop on the Shanghai Composite Index. (Reporting by Parvathy Ullatil; Editing by Chris Lewis)