High oil sent Wall Street lower today, the DJIA sinking 166.75 points to a two year low of 11,215.51 points. Shares of Chinese companies followed suit, the China ADR Index (CAI) losing 38.28 points to close at 701.88. The index is down 29.81% year-to-date (YTD), following negative Wall Street sentiment.

The Acquisition has already been approved by China Huaneng Group in accordance with its internal procedures, as well as by the board of directors and shareholders of the Company and the relevant governmental authorities. All conditions precedent in the Transfer Agreement have been satisfied. In accordance with the Transfer Agreement, the Company has made an one-off payment of the consideration in full to China Huaneng Group.

The AGM was held at Meeting Centre, Shanghai Homeyo Hotel (上海航友賓館), 2550 Hongqiao Road, Shanghai, the PRC on Monday, 30 June 2008. Shareholders representing 3,251,040,427 shares of the Company were present, in person or by proxy, at the AGM. The AGM was validly convened in compliance with the relevant requirements under the Company Law of the PRC and the articles of association of the Company.

On 6 May 2008, the Directors of HSBC Holdings plc declared a first interim dividend for 2008 of US$0.18 per ordinary share. The dividend is payable on 9 July 2008 to shareholders on the Principal Register, the Hong Kong Overseas Branch Register or the Bermuda Overseas Branch Register at close of business on 23 May 2008 in cash in United States dollars, sterling or Hong Kong dollars, or a combination of these currencies and with a scrip dividend alternative.

Stocks in Asia and Europe rose at the end of the month as fears of a deep U.S. recession receded. Despite favorable global economic climate change, Chinese stocks haven’t regained their shine yet. As the chart on the page testifies Chinese domestic shares in Shanghai are off 35% year-to-date (YTD) a far cry for U.S. China stock investors whose benchmark, the China ADR Index is down by 16.7% YTD.

The rapid speed of globalization means English is becoming significantly important in people’s daily life. New Oriental’s major product such as English-language course and test-preparation courses right hit the target, since Chinese workforce puts an extremely high priority on education, and the fierce competition meant a rising demand on English education. Public schooling cannot keep up with the growing demand and people are turning to private educators to fill the void.

The ADS ratio of the Company has been changed from one ADS representing 50 H Shares to one ADS representing 10 H Shares. This ratio change was taken effect on 27 June 2008 (Eastern Standard Time). No additional H Shares will be issued by reason of this ratio change.

The Company’s proposed profit distribution plan for the year 2007 was approved with a distribution of a cash dividend of RMB0.170 per share (including tax) to all of the Shareholders, totalling RMB836,100,000 (including tax) for the year 2007. To authorize the Board to issue additional H shares of the Company, during the relevant period, in an amount not exceeding 20% of the total issued H shares of the Company as at the date of this resolution and to make appropriate amendments to the Articles of Association accordingly, if necessary. 12. To authorize the Board to repurchase the H shares of the Company, during the relevant period, in an amount not exceeding 10% of the total issued H shares of the Company as at the date of this resolution and to make appropriate amendments to the Articles of Association accordingly, if necessary.

There is not much to be happy for as far as Chinese stock trading goes today. Most of Chinese ADRs are giving up gains of previous days, such as Baidu.com after yesterday's $25 rally. As the following summary table shows, the China ADR index (CAI), a broad measure of the performance of Chinese ADRs, lost 23.48 points today and is down 25.8% year-to-date (YTD).

In this volatile environment looking for momentum stocks is important. here is a list of stocks that portray such momentum measured by their 10- and 30-day moving averages or DMAs. the following five stock have their 10-DMA surpass of their 30-DMA. On the flip side all their current price is BELOW 10-DMA, a sign that their current rally may have some to a temporary halt. Still, I think this table is good to look at and check on the stocks that might be of your interest.

On 25 June 2008, BOC and BOCHK entered into a subordinated credit facility agreement pursuant to which BOC agreed to extend a €660,000,000 subordinated credit facility to BOCHK. The Subordinated Loan allows BOC to take advantage of its adequate capital to strengthen BOCHK’s capital base and to meet BOCHK’s business development needs.

As at the record date (i.e. 23 May 2008), there were totally 12,055,383,440 shares of the Company entitled to attend the EGM and to vote for or against the resolution tabled thereat. Shareholders and authorized proxies holding an aggregate of 9,906,082,864 shares of the Company, representing 82.17% of the total shares of the Company, were present at the EGM. Holders of 580,467,886 H shares of the Company, through HKSCC (Nominees) Limited, appointed the chairman of the Meeting as their proxy to attend and vote on their behalf. Holders of 998,372,440 H shares of the Company, through HSBC Nominees (Hong Kong) Limited, appointed the chairman of the Meeting as their proxy to attend and vote on their behalf.

As the following table tracking top movers from the China ADR universe, Yanzhou Coal (YZC) - China's third largest and only U.S. listed coal miner - is taking the top spot. The stock is trading $2.30 higher vs. yesterday's close. Is it a technical rebound? Absolutely! How do we know? Check this out: Yanzhou Coal (YZC) : Is it oversold? - a post on this very same blog dated June 20, Friday. Here is the quote: "Going back ot Yanzhou Coal: a temporary freeze on coal prices means previous earnings calculations are off the window. So it's time to readjust YZC to new regulations.

As at the record date (i.e. 23 May 2008), there were totally 12,055,383,440 shares of the Company entitled to attend the EGM and to vote for or against the resolution tabled thereat. Shareholders and authorized proxies holding an aggregate of 9,906,082,864 shares of the Company, representing 82.17% of the total shares of the Company, were present at the EGM. Holders of 580,467,886 H shares of the Company, through HKSCC (Nominees) Limited, appointed the chairman of the Meeting as their proxy to attend and vote on their behalf. Holders of 998,372,440 H shares of the Company, through HSBC Nominees (Hong Kong) Limited, appointed the chairman of the Meeting as their proxy to attend and vote on their behalf.

Large cap Chinese ADRs helped lifting the China ADR index (CAI) by 3.96 points. Still, the index lost a quarter of her value since the beginning of 2008 and jittery market conditions in the U.S. keep pressure on Chinese stocks. Couple of stock of interest: Aluminum corp. of China (ACH). The stock lost another -2.54% today on weak outlook. Today's performance came as no surprise to us, because events just unfolded as we predicted it on last Saturday. Here is the actual posting on the blog from last week

Shares of Chinese companies listed in the U.S. opened mixed to day after steep losses in last week. oil compnies are in focus again. China's offshore specialist, CNOOC Ltd. (CEO), is enjoying a ride on the back of strong oil prices. The stock is up $4.25 or 2.68% at the open. High oil prices hurt refiners. Asia's largest refiner, Sinopec (SNP) opened -0.23 percent lower while Petrochina (PTR), China's largest oil produceer with a significant refining on its own, opened -0.65 percent lower. China's decision to increase gasoline and diesel retail prices last week sent prices of refiners out the roof just to see them tumbling the next day. Overall SNP and PTR are trading sideways signalling as if the markets haven't figured out what to make out of the price increae combined with record oil prices yet. SNP is red while PTR is blue on the following chart.

Unicom and Netcom have applied to the Executive for its consent to extend the date of despatch of the Scheme Document to a date no later than 16 September 2008. Unicom has also applied to the Hong Kong Stock Exchange for an extension of time for the despatch of the Circular, which is proposed to be despatched at the same time as the Scheme Document, to a date no later than 16 September 2008.