China shares rise, Hong Kong down slightly as Syria fears recede
* HSI down 0.1 pct, CSI300 up 0.2 pct
* China fund managers raise equity allocations to 7-mth high - poll
* China big four banks, Ping An insurance beat expectations
SHANGHAI, Aug 30 (Reuters) - Stock markets in China rose on Friday alongside most regional peers, lifted by finance, insurance and retailers after Chinese bank earnings beat expectations and worries there would be an attack on Syria by the U.S. receded.
But the Hang Seng Index in Hong Kong slipped 0.1 percent to 21691.1, on falls by mainland-based index heavyweights such as China Construction Bank, internet portal Tencent and telecom giant China Mobile .
The CSI300 Index, which tracks the largest listed firms in Shanghai and Shenzhen, rose 0.2 percent, while the Shanghai Composite Index rose 0.3 percent to 2102.38.
China's top four banks reported better than expected quarterly profits, as did Ping An Insurance , the world's second-largest insurer by market capitalisation.
A Reuters poll showed that Chinese fund managers raised their suggested equity holdings to a seven-month high in August on signs of a stabilisation in the economy and expectations that a key Communist Party meeting in November will set the tone for faster growth.
Dollar-denominated B shares in Zhejiang Southeast Electric Power Co Ltd were up nearly 6 percent as the company prepares to convert the B-shares into yuan-denominated A shares through a restructuring maneuver.
This will be the first time Chinese regulators have let a company migrate its B shares into A shares and is seen as a way for China to ultimately wind down the moribund B share market. The B share market was designed to allow foreign investors to purchase foreign currency-denominated shares in mainland companies, but it became largely irrelevant when Chinese firms were allowed to list on foreign exchanges.
Foreign shareholders in Zhejiang Southeast Electric Power will be given A shares in exchange for their B shares but will only be allowed to sell those shares, not buy new ones.
Trading in shares of troubled brokerage China Everbright Securities was suspended pending an announcement, according to a statement on the Shanghai Stock Exchange's website.
An Everbright Securities official declined to comment, saying that the company would make an announcement later.
Everbright Securities has been in focus since a flurry of trades executed by the brokerage on Aug. 16 set off a massive but short-lived intraday spike on the Shanghai Composite Index.
The spike was attributed to an error in the company's trading software and prompted an investigation by authorities.
Everbright Securities announced on Aug. 22 that it would replace its president.