Hong Kong stocks fell 0.51 percent, or 120.12 points, to close at 23,218.12 on Thursday as a Chinese bad-debt management company's shares soared in its trading debut.

The benchmark Hang Seng Index (HSI) gained a day high of 23,327. 44 points and a day low of 23,160.90 points with a turnover totaling 71.504 billion HK dollars (9.226 billion U.S. dollars), down from Wednesday's 73.79 billion HK dollars.

The major HSI plates, Finance, Utilities, Commerce and Industry, declined While Properties edged up 0.07 percent to end at 28,629. 43 points. Hang Seng China Enterprises Index fell by 1.01 percent and Hang Seng China-affiliated Corporations Index declined by 0.79 percent.

Finance plate continued to contribute to the biggest loss. HSBC Holdings, one of the three note-issuing banks in Hong Kong, edged down by 0.3 percent and closed at 82.55 HK dollars. Ping An Insurance down by more than 0.2 percent to close at 72.55 HK dollars.

Also on Thursday, China Cinda, one of the four biggest state- owned asset management companies, made a trading debut at the Hong Kong Stocks Exchange. The company's shares soared by 25.7 percent to close at 4.5 HK dollars after rising as much as 34 percent during the day.

The company, a so-called "bad-bank", was the first of the four Chinese state-owned bad-debt management companies to go public.

China Construction Bank (CCB) declined by 1.49 percent and Industrial and Commercial Bank of China (ICBC) fell by 1.29 percent.

The Properties is the only major plate that gained rise. Sun Hung Kai, HK's largest property developer by market value, edged up 0.2 percent at 96.4 HK dollars. Cheung Kong properties, a HK- based developer controlled by billionaire Li Ka-shing, rose 0.75 percent to close at 121.3 HK dollars.

Tencent fell 1.52 percent and closed at 467.4 HK dollars, while China Mobile fell by 0.55 percent to end at 80.95 HK dollars. Endi

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