HSBC down in HK as Nedbank deal off; Zijin falls

The benchmark Hang Seng Index had slipped 0.89% to 23,546.99 in early trading on Monday, while the China Enterprise Index of top locally listed mainland stocks was down 0.94% at 13,485.50.
HSBC fell to its lowest in three days at HK$81.05 before the shares steadied at HK$81.15, down 2.11%. HSBC has ended talks to buy an $8 bln majority stake in South Africa's Nedbank, leaving it without a clear Africa strategy and handing an opportunity to rival Standard Chartered.
Shares of Zijin Mining fell as much as 4.1% to its week low of HK$7.51 after the Chinese gold and copper miner said it was being fined 19.5 mln yuan ($2.94 mln) to compensate for property damages related to the collapse of a dam at the Yinyan Tin Mine in September. The stocks were steadied at HK$7.52, down about 4%.
China Life was down 0.85% and Ping An Insurance slipped 1.6% as the insurers pulled back from their gain. Brokers said rotational buying on insurance stocks may slow the slide ahead of AIA's Hong Kong listing.
China Investment Corp (CIC), Ping An Insurance, China Life, and the Asian arm of Britain's Prudential are among big institutional investors eyeing a stake in AIA Group, according to media report.