* Hang Seng Index slips 0.4 percent, up 4.6 percent on year
* Shanghai edges up, coal stocks rise on winter demand
* Insurers slip in HK, offset rebound in energy shares
* Weak IPO performances suggest investors not keen on risk (Updates to midday)
By Vikram S.Subhedar and Farah Master
HONG KONG/SHANGHAI, Dec 16 (Reuters) - Hong Kong stocks slipped lower in weak turnover on Thursday morning, extending losses from Wednesday's 2 percent drop, with a fall in insurers offsetting a slight rebound in energy counters.
The Shanghai Composite Index rose slightly, outperforming other Asian markets on the day, helped by gains in coal and oil majors and with the food and beverages sector seeing buying interest ahead of the holiday season.
Hong Kong's benchmark Hang Seng Index had slipped 0.38 percent to 22,888.74 by the midday trading break, in sight of a short-term support with a break on the downside possibly paving the way for a test of the August low near 20,400.
Weak performances by new listings suggested that investors, who had earlier in the year piled into fresh offerings, were not as keen to take on risk at the end of the year.
Chongqing Rural Commercial Bank Co Ltd fizzled on its trading debut, hit by the outlook for the Chinese bank sector amid expectations of further tightening to tame inflation.
Chongqing Rural ended the morning 3.2 percent below its listing price.
"It's a confidence issue. People are still unsure," said China Development Bank Securities analyst Chen Shaodan in Beijing. "While there has been short-term clarity on policy, expectations for more tightening are not going to change."
Insurers continued their underperformance this month with Ping An Insurance (Group) Co of China Ltd down 3.4 percent, the benchmark's worst performer on the day.
A trader at a Japanese bank in Hong Kong said insurers had posted strong gains earlier in the quarter on hopes that rising interest rates in China would boost investment incomes, but with growing concern over hot money inflows damping expectations of many interest rate increases, insurance stocks were subject to profit-taking.
Beijing surprised investors over the weekend by raising bank reserve requirements instead of policy interest rates in a bid to control lending and cool inflation.
China should step up efforts to mop up excess liquidity and would continue to use bank reserve requirements, already at a record high, to do so, central bank Governor Zhou Xiaochuan said on Wednesday.
The Shanghai Composite Index was at 2,917.2 points at the midday trading break, holding above the 250-day moving average, at 2,860 points. Analysts expect that mark to provide solid support with 3,000 points seen as the next level to break.
Coal companies extended recent gains, led by China Shenhua Energy Co Ltd, the world's most valuable coal producer, which rose 1.5 percent after saying it would build a railway for $2 billion.. Coal exploration company Xinji Energy Co Ltd rose 2.6 percent.
Analysts have cited the potential energy shortages in China this winter as a factor in demand for energy-related shares.
Food and beverage issues were among the biggest percentage gainers, with newly listed food distributor Yonghui Superstores Co Ltd jumping 8.1 percent. The fresh meat retailer had surged nearly 35 percent on its trading debut on Wednesday.
"Consumer goods are less affected by tightening measures, these stocks have the ability to move much higher," said China Development Bank Securities' Chen. (Editing by Chris Lewis)