* CSI300 +1.31 pct, SSEC +1.32 pct, HSI +0.63, HSCE +1.2 pct
* Shanghai-Hong Kong stock connect boosts financial shares
* Chinext index drops over 2 percent on profit-taking
SHANGHAI, Nov 11 (Reuters) - Chinese stocks rose on Tuesday, hitting a more than three-year high led by financial shares on positive sentiment over the Nov. 17 launch of the Shanghai-Hong Kong stock exchange link.
"The positive impact from the link will persist for a while," said Zhang Qi, analyst at Haitong Securities in Shanghai.
The rise in financial shares and other blue-chips that are eligible to receive foreign investment under the pilot programme appeared to have cannibalised funds from small caps on the Chinext growth board in Shenzhen, which has been the darling of Chinese retail investors for most of the year.
The Chinext Composite Index continued to slump on Tuesday, losing 2.4 percent, after a similar decline on Monday.
The CSI300 index of the major listed companies in Shanghai and Shenzhen rose 33.62 points, or 1.31 percent, to 2,599.35 at the end of the morning session, while the Shanghai Composite Index gained 32.78 points, or 1.32 percent, to 2,506.44. The Hang Seng index added 149.26 points, or 0.63 percent, to 23,893.96.
Total volume of A shares traded in Shanghai was 25,422.99 million shares, while the volumes in Shenzhen were at 11,469.22 million shares.
Volumes on the HSI index were at 1,966.36 million shares.
Investors have been closely watching movements in the prices of firms with dual listings for opportunities to profit from arbitrage, and such activity has caused the index measuring the price differences between Shanghai and Hong Kong-listed shares to narrow sharply in recent weeks.
Reporting by the Shanghai Newsroom; Editing by Biju Dwarakanath