* HK shares slide 0.3 pct on consolidation after rally
* Poly (Hong Kong) jumps 17 pct on new investor, injection
* China stocks decline on IPO concerns (Updates to midday)
By Donny Kwok and Claire Zhang
HONG KONG, Sept 18 (Reuters) - Hong Kong shares edged down 0.29 percent on Friday, a pull back from a 13-month high in the previous session on concern that gains are overextended, but accelerating optimism for an economy recovery limited the decline.
China stocks fell as sentiment was damped by expectations of a large supply of new IPO shares but the benchmark stock index still hoovered above the key resistance mark of 3,000 points.
Banks and financial stocks remained a focus in Hong Kong with BOC Hong Kong down 6.7 percent at HK$17.32 after reaching a 13-month high in the previous session. ICBC edged down 0.2 percent to HK$6.22.
But index-heavy weighted China Mobile gained 1.4 percent, while HSBC extended its previous gain to edge up 0.22 percent to HK$91.15. The stock surged 4 percent to its year high on Thursday.
"It was a consolidation so far this morning, not even an adjustment after the recent rally," said Patrick Yiu, a director at CASH Asset Management. "The underlying tone is still solid as the market remains awash with liquidity and that may imply the stock can rise further when these funds look for opportunities."
The benchmark Hang Seng Index slid 62.64 points to 21,705.87 at midday after surging more than 1,000 points in the last two trading days.
The China Enterprises Index, which represents top locally listed mainland Chinese stocks, edged down 0.10 percent to 12,668.15.
Turnover totalled HK$35.76 billion ($4.6 billion). Poly (Hong Kong) surged 17.2 percent to a more than two-year high of HK$9.15, its highest since July 2007, after the Chinese developer said China Investment Corporation would buy HK$409 million worth of its new shares and Poly would buy HK$2.7 billion worth of assets from its parent. The stock steadied at HK$9.04 at midday, up 15.8 percent.
Shun Tak Holdings fell 4.3 percent to HK$6.30 after the property-to-transport investor said it planned to issue convertible bonds to raise about HK$1.395 billion to fund new investment opportunities and as working capital.
Top Asian refinery Sinopec eased 0.43 percent after a company official said its Tianjin plant aimed to start up its new 200,000 barrel-per-day (bpd) refining facility around mid-December or later, a delay from earlier plans.
Wheelock and Co Ltd fell 3.7 percent and unit Wharf (Holdings) Ltd was down 1.9 percent after saying they had succeeded in bidding for land for commercial and residential development in China's Tianjin city for 641 million yuan.
SHANGHAI DOWN ON IPOS
China's key stock index slipped 1.22 percent on Friday, with metal shares weak, damped by expectations of a large supply of new IPO shares although the launch of 15 mutual funds lent support.
The Shanghai Composite Index ended the morning at 3,022.809 points, but was headed for a 1.1 percent weekly advance so far, its third straight weekly gain. The index suffered its second-biggest monthly drop in August in more than 15 years.
Metals shares were hit by profit-taking, with Zhongjin Gold down 3.36 percent to 60.75 yuan as gold retreated from 18-month highs. The shares gained 8 percent earlier this week.
Analysts said there were clear signs of stable government policy ahead of the National Day Holiday, therefore more share supply may not impact the index immediately. The index could test its 60-day moving average at 3,088 points.
The official China Securities Journal on Friday reported that 15 mutual funds were launched on Sept. 17, with one of them raising 2 billion yuan ($293 million) on the first day.
The Shanghai Securities News also forecast 15 mutual funds may bring 50 billion yuan into the stock market after the National Day holiday.
"The upside can be expected to reach 3,200 points supported by the mutual funds," said Zhang Xiang, chief strategist at Guodu Securities in Beijing.
But he added that in the run-up to the week-long National Day holidays on Oct. 1, the index may fluctuate in a narrow range, as there were signs Beijing wanted to keep the market stable.
A huge supply of IPO shares to be listed on an additional market in Shenzhen and a record amount of shares to be freed from lock-up in October are adding to the supply threat.
Tourism-related shares outperformed, with Beijing Jingxi Tourism Development climbing 4 percent to 18.97 yuan.
CNTIC Trading raced up by its 10 percent daily limit to 19.10 yuan after saying it was ready to prepare an anti-virus drug to tackle the H1N1 flu.
The soaring number of Influenza A (H1N1) cases in China over the past three weeks indicates that the pandemic will be at its peak in the autumn and winter, as predicted by experts.
Bank shares were soft, with Shanghai Pudong Development Bank losing 2.8 percent to 20.9 yuan after announcing a capital-raising plan. Analysts forecast it may need to raise up to 19 billion yuan besides a 15 billion yuan sale of new domestic A shares in a private placement late in August. (Editing by Chris Lewis)