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China ADR Wrap May 24-28, 2010

China ADR Wrap May 24-28, 2010

May 29, 2010 (Chinavestor) – Chinese stocks enjoyed a solid week as concerns about Europe's sovereign debt crisis seem to abate a bit, at least until Friday when Spain endured a second cut to its credit rating. Oil prices gained solid footing for a couple of days, helping boost Chinese oil names such as Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and China Petroleum & Petrochemical (NYSE: SNP). However, Yanzhou Coal was the king of the large-cap energy and materials names adding 8% on the week.

The top gainer among Chinese ADRs on the week was Xinyuan Real Estate (NYSE:XIN), which soared 34%. Xinyuan Real Estate (NYSE:XIN) gained more than 12% on Friday after Rodman & Renshaw initiated coverage of the shares with a “market perform” rating. Xinyuan Real Estate (NYSE:XIN) sharply outperformed the Claymore/AlphaShares China Real Estate ETF (NYSE:TAO) which was flat on the week. China Housing & Land Development (Nasdaq:CHLN) was another strong real estate performer, adding 16% on the week.

Chinese agriculture names, which we reviewed on Wednesday, also caught a bid with Origin Agritech (Nasdaq:SEED) rocketing higher by almost 31%. The shares gained almost 20% after our piece highlighting the sector. AgFeed Industries (Nasdaq:FEED) gained almost 13% for the week. Agria (NYSE:GRO) was up nearly 27%, gaining about 20% after our piece on the sector.

American Dairy (NYSE:ADY) soared as small-caps came back into favor, at least temporarily, gaining almost 20%. Investors also appeared willing to roll the dice on gambling concern Melco Crown Entertainment (Nasdaq:MPEL), which added almost 17%. Semiconductor maker Spreadtrum Communications also added almost 17% despite a slow news flow. Volume was more than double the daily average on Friday. Information technology services provider Yucheng Technologies (Nasdaq:YTEC) added nearly 14%, also on slow news flow.

Solar names endured another tough week as investors found oil stocks to be far more appealing. Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) lost 3.855 and 4.28%, respectively. Speaking of energy-related names, Huaneng Power International (NYSE:HNP), China's largest independent power producer, seemed on the cusp of getting a technical bounce, which didn't materialize until Friday, when the shares gained 1.62%. Huaneng Power International (NYSE:HNP) was still down 5.6% on the week. (Nasdaq:CYOU) showed there is still plenty of weakness in the online gaming sector, not good news ahead of next week's earnings updates from Shanda Games (Nasdaq:GAME) and Shanda Interactive (Nasdaq:SNDA). (Nasdaq:CYOU) dropped 4.7% for the week.

Speaking of earnings, China Nepstar Chain Drugstore (NYSE:NPD) is still being held back by the disappointing earnings report the company delivered last week. The stock shed almost 10% this week.

Oil services provider WSP Holdings (NYSE:WH) didn't participate in the oil rally, losing almost 8% after reporting less-than-inspiring earnings coupled with a tepid outlook. AirMedia Group (Nasdaq:AMCN), the digital TV network operator, was a suspicious decliner, losing 10.6% with no headlines to explain the decline.

China Medical Technologies (Nasdaq:CMED) slumped almost 6%, not an encouraging sign given that the medical device maker reports earnings on June 4. Following the week's drop, China Medical Technologies (Nasdaq:CMED), now yields almost 5%. China Architectural Engineering (Nasdaq:CAEI) and Syntura International (NYSE:SYUT) round out the biggest losers, shedding 5% and 4.5%, respectively.

Looking forward, China will release purchasing managers report in the first week of June and Premier Wen Jiabao will meet his Japanese counterpart in a high profile talk later the week.

Knowledge base

China ADR Wrap May 28, 2010

China ADR Wrap May 28, 2010

May 28, 2010 (Chinavestor) – A rally in select Chinese large-caps was not enough to lift the broader market higher as the Hang Seng added 1.7% on Friday, but the Shanghai Composite fell 0.2%. U.S. stocks finished the week selling-off after Spain received a second-downgrade to its credit. That sent the Dow Jones Industrial Average to another triple-digit loss.

The losses weighed on China-specific ETFs with the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) losing just under 1%. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the Claymore/AlphaShares China Small-Cap ETF both lost more than 1%.

A decline in oil prices after a two-day rally weighed on Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Sinopec Shanghai Petrochemical (NYSE:SHI). All traded lower on Friday, but Yanzhou Coal (NYSE:YZC) continued to be a stalwart among materials names adding another 2.81% today on volume that was better than twice the daily average. Yanzhou Coal (NYSE:YZC) was up almost 8% this week.

Huaneng Power International (NYSE:HNP), China's largest independent power producer, traded higher by 1.62% today. The shares had been looking oversold and due for a technical bounce, so momentum traders may want to continue to watch Huaneng Power International (NYSE:HNP).

Internet giants (Nasdaq:CTRP) and Baidu (Nasdaq:BIDU) were both dragged down by the Nasdaq. JA Solar Solar tumbled almost 6% as oil prices wilted. Small-caps such as AgFeed Industries (Nasdaq:FEED) had limited opportunity to move higher on Friday as risk appetite was shelved for the day. AgFeed Industries (Nasdaq:FEED) lost 3.51%.

China Real Estate (Nasdaq:CRIC) lost almost 4% after news broke that some analysts don't expect Chinese real estate stocks to recover until later this year. Healthcare names didn't provide much shelter from the storm with Chindex International (Nasdaq:CHDX) and China Biotics (Nasdaq:CHBT) losing 7% and 4.5%, respectively.

There was plenty of weakness in tech names with China Information Security Technology (Nasdaq:CPBY) and Vance Information Technology (NYSE:VIT) losing 4.7% and 5.34%, respectively.

Of course there were winners with Origin Agritech (Nasdaq:SEED) attracting some bargain hunters to a sector that has been oversold. WSP Holdings (NYSE:WH) rebounded almost 11% after being hammered due to a disappointing earnings report earlier this week. Melco Crown Entertainment (Nasdaq:MPEL) added another 7% on Friday. The stock is in rally mode, adding close to 15% this week.

Xinyuan Real Estate (NYSE:XIN) was a bright spot in the real estate sector adding 12% after Rodman & Renshaw initiated coverage of the shares with a “market outperform” rating. China BAK Battery (Nasdaq:CBAK) gained 6% on volume that was nearly 50% above the daily average. Acorn International (NYSE:ATV) was the reverse situation, gaining more than 3% on suspiciously light volume. Gushan Environmental Energy (NYSE: GU) gained 5% on no news and volume that was about a third of the daily average.

Knowledge base

China ADR Wrap May 27, 2010

China ADR Wrap May 27, 2010

May 27, 2010 (Chinavestor) – With all but one of the Dow's 30 constituents trading higher on Thursday, U.S. stocks extended yesterday's rally, posting their best one-day gain nearly two weeks. Chinese stocks may have helped get the party started as the Hang Seng and the Shanghai Composite both rallied more than 1% before U.S. markets opened.

Oil prices jumped 4% for the second consecutive day, helping Chinese oil names soar. PetroChina (NYSE:PTR), China's largest oil company, and China Petroleum & Chemical (NYSE:SNP) both gained almost 5%, but that pales in comparison to the almost 7% gain turned in buy Cnooc (NYSE:CEO), China's largest offshore driller. Sinopec Shanghai Petrochemical (NYSE:SHI) was also up almost 7% and Yanzhou Coal (NYSE:YZC) was the stalwart among Chinese commodities names, soaring almost 11%. Aluminum Corp. of China (NYSE:ACH) also took place in the commodities rally, tacking on more than 10%.

A rally in tech stocks had Baidu (Nasdaq:BIDU) and (Nasdaq:CTRP) both up more than 8%. The tech rally could be seen in small issues as well with VanceInfo Technologies (NYSE:VIT) gaining more than 9%. Harbin Electric (Nasdaq:HRBN) also rallied more than 9%. Alternative energy names were also strong on the day, with A-Power Energy Generation Systems (Nasdaq:APWR) and Canadian Solar (NYSE:CSIQ) gaining almost 11% and 10%, respectively.

Even consumer discretionary names like Fuqi International (Nasdaq:FUQI) took part in the rally. The jewelery retailer added 9.31%.

There were laggards on the day and they can be found among a host of the usual suspects. WSP Holdings (NYSE:WH) didn't get a lift from higher oil prices as investors still appear less than thrilled with the company's dour earnings report issued earlier this week. The shares were down 1.82%. GigaMedia (Nasdaq:GIGM) announced earnings before the bell today and the report was glum, sending that stock down by almost 2%. GigaMedia is grilled by investors on 2010 Q1.

For-profit education provider ChinaEdu (Nasdaq:CEDU) is still reacting negatively to its profit report issued earlier this week and that stock was down 0.28% today. China Nepstar Chain Drugstore (NYSE:NPD) continues to see selling pressure, shedding 0.51% today.

On no news and extremely thin volume, ATA Inc. (Nasdaq:ATAI) slid 2%. Only 2,000 shares traded in ATA (Nasdaq:ATAI) compared to average daily volume of more than 35,000 shares. Syntura International (Nasdaq:SYUT) the dairy products maker, was another no-news decliner, losing almost 1.6%, but the decline was seen on strong volume as more than 59,000 shares changed hands in the name compared to average daily trade of less than 34,000 shares.

Knowledge base

Shanda Earnings Reports: Last Piece In Chinese Gamers Profit Puzzle

Shanda Earnings Reports: Last Piece In Chinese Gamers Profit Puzzle

May 27, 2010 (Chinavestor) Earnings season hasn't brought much in the way of clarity for investors in Chinese online gaming firms with (Nasdaq:NTES), the most profitable online gaming firm in China disappointing investors, worse numbers from Giant Interactive (NYSE:GA) and somewhat encouraging numbers from Perfect World (Nasdaq:PWRD).

Next week, the puzzle will be completed with Shanda Interactive (Nasdaq:SNDA) and spinoff Shanda Games (Nasdaq:GAME) due to report earnings on June 1 at 10:30 PM.

Shanda Games (Nasdaq:GAME) is a pure play on China's burgeoning online gaming market, which may have as many as 70 million current users. The company now accounts for 80% of Shanda Interactive's (Nasdaq:SNDA) profits, so saying these gaming firms are linked at the hip is somewhat of an understatement.

Analysts expect Shanda Interactive (Nasdaq:SNDA) to earn 65 cents on revenue of $201.74 million. The forecast for Shanda Games (Nasdaq:GAME) is a profit of 17 cents on sales of $171.55 million.

Disappointments from both firms along the same lines as those delivered by (Nasdaq:NTES) and Giant Interactive (NYSE:GA) would almost certainly punish both Shandas and the sector at large.

Related story: Q1 profit hurt on lower margins.

Giant Interactive: Another Glum Report From China's Gaming Sector

Perfect World tumbles on growth concerns

Shanda Games (Nasdaq:GAME) and Shanda Interactive (Nasdaq:SNDA) will probably need to handily beat estimates and offer strong full-year guidance to have investors feeling good about the sector again.

Knowledge base

China ADR Wrap May 26, 2010

China ADR Wrap May 26, 2010

May 26, 2010 (Chinavestor) If investors needed more evidence that the markets are looking for a direction, consider this: Wednesday was a complete reversal of Tuesday. The DJIA started out low  a day before and made a significant comeback by the end of the day. Today, it was just the opposite: a strong market day turned into a loss by the end of the day.

The same was true for Chinese stocks. The Hang Seng Index and the Shanghai Composite Index fell on Tuesday but both indices advanced the next day. 

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