MAINLAND enterprises may seek dual listings in New York and Hong Kong following last week's lacklustre debut by the first state-owned firm to list in New York. Shandong Huaneng Power Development traded thinly and its share price remained stagnant on the first two trading days last week. Its share price closed at US$14.25 per American Depositary Share (ADS), unchanged from its issue price last Thursday, with turnover of 14 million ADSs. But it closed lower on Friday, at US$14, on slim turnover of 2.78 million ADSs. The company issued 1.1687 billion N shares (shares traded in New York), representing 23.374 million ADSs. Under New York Stock Exchange rules, 50 ordinary shares of Shandong Huaneng (N shares) are equal to one ADS. Analysts said the coming candidates to list in New York would look at seeking listings in Hong Kong at the same time because of the quiet trading of Shandong Huaneng in New York. In Hong Kong, Qingling Motors, the latest H-share listing, enjoyed a warm reception from local investors, with its initial public offering 23.3 times oversubscribed last week. ''Given the better results obtained by the H shares recently in the local market, more mainland enterprises will consider floating their shares in Hong Kong now,'' said Lawrence Lo, an analyst at Smith New Court. Companies' shares might be priced higher in New York, but they could enjoy higher liquidity in Hong Kong, which was very important to a company in the long term, said Mr Lo. ''Also, there is a time lag for Hong Kong investors to trade shares in New York, so it is likely to attract more investors if they list locally,'' he added. There are four more companies planning to list in New York after Shandong Huaneng under arrangements set up by the Chinese Securities and Regulatory Commission. They are: Huaneng International Power International Corp, China Eastern Airlines, China Southern Airlines and Tianjin Steel Pipe. The Hong Kong stock exchange is keen to lure the two airlines to list on the local bourse, although China Eastern said earlier that the company would not list in Hong Kong. But analysts suggested there was a distinct possibility China Southern would divert its listing from New York to Hong Kong.