Changfeng seeks HK$892m in IPO

The mainland's official PMI rebounded to 51.7 percent in August from 51.2 percent in July after falling for three consecutive months. The bounce may have encouraged investors, but they shouldn't read too much into the figures as seasonality played a significant role in the spike.

Standard Chartered Bank raised its 2010 Hong Kong GDP forecast on Wednesday to 6 percent from 5.4 percent. Ample liquidity and moderate policy-loosening measures on the mainland expected later this year were cited as key factors.

China Mobile Ltd had its biggest daily decline in more than a year Wednesday, falling 3.78 percent to close at HK$78.9 per share. The world's biggest phone carrier by market value slumped on news that Vodafone Group Plc disposed its entire 3.2 percent stake in the company for $6.5 billion.

Hong Kong stocks slumped Wednesday, dragging down the Hang Seng Index (HSI) by the most in almost a month, as Vodafone Group Plc sold its stake in China Mobile Ltd and developers dropped on speculation China will introduce new property-market curbs.

When it comes to tough talk about pouring cold water on the city's red-hot property sector, the Hong Kong government certainly says all the right things. However, its words are having little effect.