Before the market opens: U.S. listed Chinese ADRs plunged on Thursday, suffering their worst two-day fall. As the following table shows, the "China ADR Index" (CAI) is down by -12.28% year-to-date (YTD), the "China NYSE Index" (CYI) is down by -11.95% YTD, and the "China NASDAQ Index" (CQI) is down by -21.0% YTD. These indices are market cap weighted and are set at 1,000 as of January 1, 2008.

	Date	YTD	P/E	EPS
CAI	1/17/2008	-12.28%	32.24	2.15
CYI	1/17/2008	-11.95%	18.36	4.21
CQI	1/17/2008	-21.00%	42.83	0.62

Index heavyweight PetroChina (0857.HK: Quote, Profile , Research)(PTR: Quote, Profile, Research)(601857.SS: Quote, Profile , Research) , China Mobile (Hong Kong) Ltd. , (0941.HK: Quote, Profile , Research) (CHL: Quote, Profile , Research) and Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) are responsible for most of the weakness in the China NYSE Index.

Regarding the China NASDAQ Index, Baidu.com Inc. (BIDU: Quote Profile Research), Focus Media Holding Ltd. (FMCN: Quote, Profile, Research) , JA Solar Holdings Co. (JASO : Quote, Profile, Research) and SolarPower Holdings (SOLF :Quote, Profile, Research) are the ones that weight heavily on the index.

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Mid-day reading: China Mobile (Hong Kong) Ltd. , (0941.HK: Quote, Profile , Research) (CHL: Quote, Profile , Research) pushes NYSE listed China ADRs back. Another index heavyweight, PetroChina (0857.HK: Quote, Profile , Research)(PTR: Quote, Profile, Research)(601857.SS: Quote, Profile , Research), is just up one percent at $153.61 at 2 o'clock reading.

NASDAQ listed Chinese ADRs are lagging behind. Focus Media Holding Ltd. (FMCN: Quote, Profile, Research) is up 3% at $46.92, Baidu.com Inc. (BIDU: Quote Profile Research) is up 0.7% and online game operator Shanda (SNDA : Quote, Profile, Research) is up 5% at $27.33.

	Date	Change	P/E	EPS
CAI	1/18/2008	2.18%	32.20	2.15
CYI	1/18/2008	2.23%	18.36	4.21
CQI	1/18/2008	0.87%	42.75	0.62

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After the close reading: Stocks came back strongly by the end of the day, NYSE names in particular. China Mobile (Hong Kong) Ltd. , (0941.HK: Quote, Profile , Research) (CHL: Quote, Profile , Research) , China's largest mobile operator came back especially strong by gaining $2.67 or 3.75 percent on Friday to finish at $77.39. Some of the institutional investors made use of the opportunity to pick up good quality stocks.
Index heavyweight PetroChina (0857.HK: Quote, Profile , Research)(PTR: Quote, Profile, Research)(601857.SS: Quote, Profile , Research) bounced back $3.10 or 2.04 percent to close at $155.01. Still, PetroChina is down $18.88 or -10.85 percent for the week. Chinese telecom sector was active on Friday, China Telecom (CHA: Quote, Profile, Research) (0728.HK: Quote, Profile , Research) rose $4.89 or 6.26 percent to finish up at $83.00. Plans that Beijing will reshuffle telecom industry spurred interest in China Telecom. Under the current theme, China Unicom is expected to sell the GSM network to China Telecom, hading part of the hot mobile sector over to China's largest fixed line operator. China Life (601628.SS: Quote, Profile , Research) (LFC: Quote, Profile , Research) (2628.HK: Quote, Profile , Research) , China's biggest life insurer rose $3.30 or 5.05 percent on Friday to $68.60. China Life said on Friday it collected insurance premiums of 196.6 billion yuan ($27.12 billion) in 2007, showing no signs of slowing down. These numbers reflect back another important measures about the health of China's economy. Earlier this week China's top two banks, Industrial & Commercial Bank of China (601398.SS: Quote, Profile , Research)(1398.HK: Quote, Profile , Research) and China Construction Bank (0939.HK: Quote, Profile , Research) reported very strong results. ICBC, the country's largest lender, said on Thursday it expects its net profits to grow more than 60 percent year on year in 2007. China Construction Bank, the country's second-biggest lender by assets, said on Thursday it expects to post a 48 percent year-on-year rise in its 2007 net profits.
Stock that held back the China NYSE Index were LDK Solar Co. Ltd. (LDK: Quote, Profile , Research) falling with the solar industry. LDK Solar Co. soft landed -0.95 percent at $35.44 on Friday, falling $-8.06 or -18.53 percent over the week. Smaller cap Giant Internactive Group Inc. (GA: Quote, Profile , Research) lost -$0.14 or -1.26 percent on Friday to close down at $11.00. This soft landing is a far cry for investors though as Giant Interactive is down -39.66% since its hot November 1, 2007 IPO. 

NASDAQ listed Chinese names that added most to the index are Baidu.com Inc. (BIDU: Quote Profile Research) and Focus Media Holding Ltd. (FMCN: Quote, Profile, Research). Baidu.com  rose $8.04 throughout the day to finish at $273.04 and Focus Media bounced back $2.25 or 4.94% to close at $47.82. NASDAQ listed Chinese stocks that added to the index besides Baidu.com and Focus Media are Ctrip.com (CTRP: Quote, Profile , Research) that finished up 2.94 percent to $48.38. Solar companies were suffering heavy losses since January after a stellar performance in 2007. China Sunergy Co. (CSUN: Quote, Profile , Research) defied the trend and ended up 3.62% to $9.72. 51job Inc. (JOBS: Quote, Profile , Research) came back strong by rising 6.23 percent or $1.02. Webportal SINA Corporation (SINA: Quote, Profile, Research) vaulted 3.43 percent or $1.30 to finish at $39.21. It fell 4.3 percent over the week. Online game operator Shanda (SNDA : Quote, Profile, Research)  gained 4.90 percent to finish up at $27.18. The stock fell 9.7 percent over the week.
NASDAQ listed Chinese ADRs that showed particular weakness on Friday are not limited to The9 Ltd. (NCTY : Quote, Profile, Research), an online-game operator in China and solar company SolarPower Holdings (SOLF :Quote, Profile, Research). The9 Ltd. said Friday its Chief Financial Officer Hannah Lee left to pursue other interests, effective in February.  Once hot Solarfun lost 49.35 percent since January 7, 2008 or $18.64 to close at $19.00 on Friday. Solarfun's weakness is not so much stock but rather sector specific as all Chinese solar companies have been plummeting since the start of 2008 on weak market condition. 

	Date	Change	P/E	EPS
CAI	1/18/2008	3.09%	32.20	2.15
CYI	1/18/2008	3.14%	18.36	4.21
CQI	1/18/2008	1.84%	42.75	0.62