* CSI300 +2.4 pct; SSEC +2.4 pct; HSI -0.8 pct
* Some analysts say China rebound could be short-lived
* Shenzhen's start-up board surges over 4 pct
SHANGHAI, Feb 2 (Reuters) - China stocks bounced more than 2 percent on Tuesday, led by small-caps, but some analysts say the accompanying thin trading volume suggest the technical rebound could be short-lived.
Hong Kong stocks ended the morning in negative territory though, as investors remain unconvinced that economic fundamentals are improving.
The CSI300 index rose 2.4 percent, to 2,969.09 points at the end of the morning session, while the Shanghai Composite Index also gained 2.4 percent, to 2,752.22 points.
In Hong Kong, the Hang Seng index dropped 0.8 percent, to 19,439.94 points, while the Hong Kong China Enterprises Index lost 1.0 percent, to 8,065.55.
"In a bear market, investors would use any rebound to cut equity holdings, and that has been the trading pattern recently," Zeng Yan, an analyst of Zhongtai Securities, said.
"There are no changes in fundamentals: yuan depreciation concerns are still there, the economy remains in bad shape, and market liquidity tends to be tight."
But some investors are more optimistic.
Zhang Mingyu, Chairman of Shanghai YJ Investment Management Co Ltd, said that investor sentiment is improving and the market has the potential to go higher.
"If liquidity conditions improve after the Chinese New Year, the market recovery could continue," he said, forecasting the SSEC could rebound to 2,920 points, roughly 6 percent above the current level.
Mainland shares rose across the board, with Shenzhen's start-up board ChiNext surging 4.6 percent.
But most sectors weakened in Hong Kong, with energy shares among the biggest decliners.
Samuel Shen and Pete Sweeney; Editing by Sam Holmes