* SSEC +0.1 pct, CSI300 +0.4 pct, HSI +0.5 pct
* Vanke shares hit one-month intraday high
* Energy rebound on strong oil prices
SHANGHAI, Jan 13 China stocks were up on Friday
morning, on course to snap a three-day losing streak, as the
property sector rebounded strongly on strength in China Vanke Co
Ltd's , the country's second largest
Hong Kong stocks also rose, setting for a third week of
gains, with support from the energy sector as oil prices
The benchmark CSI300 index rose 0.4 percent, to
3,330.61 points at the end of the morning session, while the
Shanghai Composite Index gained 0.1 percent, to 3,122.93
The benchmark index has lost more than 0.5 percent so far
Investors cheered China Vanke Co Ltd's
breakthrough in a high-profile corporate power tussle lasting
for over a year, after its No. 2 shareholder China Resources
Group decided to sell its entire stake to Shenzhen Metro Group.
Shares of the industry bellwether jumped around 7 percent on
the mainland and 5.6 percent in Hong Kong at the lunch break.
But gains in China were limited as investors were awaiting
the upcoming corporate earnings season to kick off late on
Friday, to justify a flurry of solid economic data in the
world's second largest economy.
Earlier this month, China's manufacturing sector posted a
monthly expansion for the fifth time in December, but the pace
slowed more than expected amid the government's effort to rein
in soaring asset prices.
Sector performance in the mainland market was mixed, with
property leading the gains, up around 2.3 percent.
Insurance firms retreated 0.6 percent despite
their premium income rising almost 30 percent in 2016, as
investors stayed cautious amid a tightening regulatory
Metallurgical Corporation of China Ltd slid
around 2 percent after closing at a six-week high in the
previous session, as optimism fuelled by restructuring hopes
The tech-heavy ChiNext sub-index, China's
equivalent of the Nasdaq, was set to lose for a seventh
session and hit a six-month intraday low as faster approvals for
IPOs boosted the supply of small-caps.
In Hong Kong, the Hang Seng index added 0.5 percent,
to 22,932.47 points, bringing its weekly gain to around 1.9
percent, while the Hong Kong China Enterprises Index
gained 0.7 percent, to 9,792.44 points.
Nearly all sectors in the city gained modestly, with the
energy sector the biggest performer, up nearly 2.4
percent by the lunch break.
Oil majors including CNOOC Ltd and PetroChina Co
Ltd rallied as oil prices held sharp gains from the
previous two sessions.
(Reporting by Jackie Cai and John Ruwitch; Editing by Simon