TWO mainland companies have been hit by the so-called slow motion crash of the Hong Kong stock market since early last month. Only 60 per cent of an initial public offering by Oriental Metals (Holdings) to raise $201 million was subscribed when it closed on Wednesday. The Hong Kong issue of Harbin Power Equipment barely exceeded full subscription. The failure of the Oriental Metals offering leaves the underwriting syndicate led by Peregrine Capital and CEF Capital a burden of 54.58 million shares worth about $81.87 million. The company's shares were sold at 7.2 times this year's earnings on a pro forma fully-diluted basis. But the low multiple and its Chinese connections did not save it from misfortune, as jittery investors scrambled to switch out of equities for cash and bonds amid fears of interest rate rise. HPEC said its Hong Kong share offering was 1.4 times subscribed, with 111 valid applications for 100.99 million shares.