(Updates to midday)
HONG KONG/SHANGHAI, June 15 (Reuters) - Hong Kong shares snapped a three-day winning streak amid a lack of fresh evidence of a global economic recovery and lower energy prices, while China stocks edged down as the market braced itself for an imminent resumption of IPOs.
Shenzhen Development Bank rallied 7.2 percent on Monday after Ping An Insurance (Group) said it would increase its stake in the mid-sized lender to close to 30 percent, from the under 5 percent it holds.
But Ping An shares were mixed, as some analysts deemed the deal expensive and not greatly value accretive to the insurer's banking aspirations.
Shares in Ping An and Shenzhen Development Bank had been suspended for a week to Monday.
Ping An was up 0.7 percent at 45.40 yuan in Shanghai, while its Hong Kong-listed shares slid 3.1 percent to HK$57.25. The Shanghai-listed stock is trading at a nearly 40 percent discount to its Hong Kong shares, compared with a 25.8 percent premium commanded by a broad-base of A-shares over their H-share counterparts.
Here are the index moves and top stock moves by midday-
HONG KONG
* The benchmark Hang Seng Index was 1.5 percent lower at 18,606.15, falling in tandem with other major markets as still-high U.S. Treasury yields weighed.
* "Asia ex-Japan equities, which are trading at above mid-cycle valuations on the back of the global rise in liquidity, look vulnerable, as the earnings yield would have to move higher in line with rising bond yields to sustain the rally," said Mun Hon Tham, an analyst with Daiwa Institute of Research.
* Turnover shrank to to HK$37.6 billion from midday Friday's HK$45.4 billion.
* The China Enterprises Index of top mainland companies fell 1.6 percent to 10,916.16.
* Energy stocks slipped as crude oil price stayed weak after dropping off an eight-month high last week amid a stronger dollar and recent sharp gains. Crude price stayed below $72 per barrel in Asian trade Monday.
* Offshore oil specialist CNOOC dropped 3.3 percent to HK$10.48, while Asia's largest oil and gas producer PetroChina gave up 2.3 percent.
* Jewellery maker Tse Sui Luen surged as its shares emerged from a 2-½ year suspension following corruption charges against its founder and former chairman, who was later sentence to a jail term. The stock was up 270.4 percent at HK$3.
* Property company Poly (Hong Kong) Investments dropped after it said it would sell 230 million shares at a discount to a major shareholder to raise HK$776 million to fund investments, including building up its land bank.
The stock was down 5.9 percent at HK$3.50, compared with its placement price of HK$3.45. Poly was among most heavily traded issues in the morning session with 1.76 billion shares changing hands.
SHANGHAI
* The Shanghai Composite Index ended the morning down 0.2 percent at 2,738.265 points.
* Losing Shanghai A shares outnumbered gainers by 507 to 377, while turnover in Shanghai A shares dropped to 54.5 billion yuan ($8.0 billion) from Friday morning's 57.2 billion yuan.
* "The economic situation lacks clear signs that would be supportive for listed companies' earnings. The index is expected to consolidate," said Huatai Securities analyst Chen Jinren.
* The Ping An deal for Shenzhen Development Bank helped boost other banking shares, especially smaller lenders, with Hua Xia Bank gaining 3.6 percent to 11.31 yuan.
* Coal and metals shares were hit by an easing in commodity prices, with oil dipping below $72 per barrel on Monday. China Shenhua Energy sank 2.2 percent to 25.66 yuan, while Zhongjin Gold sagged 4.39 percent to 42.95 yuan.
* Steel shares were weak for a third day, with Baosteel, China's top steelmaker, losing 1.6 percent to 6.32 yuan. Australian iron ore miner Atlas Mining Ltd on Monday said Chinese steelmakers were expected to accept a 2009 benchmark iron price cut of about 33 percent despite calls in China for bigger reductions.
(Reporting by Parvathy Ullatil in HONG KONG & Claire Zhang in SHANGHAI; Editing by Edmund Klamann and Chris Lewis)