CHINA'S state-owned enterprises listed in Hong Kong were under a selling binge yesterday, with Shanghai Haixing Shipping leading the plunge of the index tracking the 17 H-share companies. The shipping company saw stock value tumble more than 11 per cent to $1.12, down 14 cents. Its shares have sunk by more than 20 per cent this month, as investors worried that reduced coal shipments, as a result of delays in power-plant projects, would deal a severe blow to its earnings. The share price of Harbin Power, which will announce interim results on Tuesday, fell 11 per cent to $2.025, down 25 cents. Maanshan Iron and Steel dropped 16 cents, or 10.7 per cent, to $1.33, after Thursday's news of a 93 per cent plunge in interim profit. The Hang Seng China Enterprises Index lost 3.87 per cent, while the blue-chip Hang Seng Index was slightly up.