* SSE -0.3 pct, CSI300 -0.4 pct, HSI +1.3 pct, HSCE +1.3 pct
* Regulator criticizes some margin trading - Shanghai paper
By Jake Spring
BEIJING, Dec 18 (Reuters) - China stocks slipped on Thursday as hot brokerage shares cooled on questions about margin trading and investors shifted interest to coming listings while the Hong Kong market rebounded after five days of losses.
The CSI300 index of leading Shanghai and Shenzhen listings fell 0.4 percent, to 3,347.51 points at the end of the morning. The Shanghai Composite Index lost 0.3 percent, to 3,051.11 points.
Hong Kong's Hang Seng index added 1.3 percent, to 22,887.7 points. The Hong Kong China Enterprises Index gained 1.3 percent, to 11,413.39.
Analysts said Hong Kong shares chased the U.S. market as the Federal Reserve gave an upbeat assessment of the U.S. economy and said it would take a patient approach towards interest rate hikes.
Mainland indexes have risen the past six days.
Financials have led the rally that began in late November when the central bank cut interest rates.
Shares in Chinese brokers fell on Thursday after Shanghai Securities News reported that regulators criticised three brokerages for poor margin trading practices while carrying out inspections.
The CSI300 financials index finished the morning down 2.15 percent, with Soochow Securities leading the fall with a decline of 7.5 percent.
China's benchmark money market rate rose above 4 percent for the first time since July, in part indicating investors are hoarding cash for initial public offerings.
Seven IPOs began fundraising this week after the securities regulator on Dec. 10 unexpectedly approved 12 issues.
Shares of China Railway Construction Corp (CRCC) continued to soar, hitting the 10 percent trading limit in Shanghai for the second day to reach their highest since May 2008.
China signed an agreement on Wednesday to build rail links between Belgrade and Budapest by mid-2015.
CRCC's Hong Kong listed shares rose 2.1 percent to a four-year high.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong edged down to 120.47. A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong.
Total volume of A shares traded in Shanghai was 23.63 billion shares, while Shenzhen volume was 9.97 billion shares.
Total trading volume of companies included in the HSI index was 1.2 billion shares. (Additional reporting by Engen Tham, Brenda Goh and Shanghai Newsroom; Editing by Richard Borsuk)