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China stock market summary May 5, 2010

China stock market summary May 5, 2010

May 5, 2010 (Chinavestor) China stocks ended the day close to session lows. The sell-off was universal, small and large cap stocks suffered equally as the performance of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) testify. Both ETFs shed -1.6% for the day, proxies of large and small cap China stocks, respectively.

Stocks on the move included Shanda Games (NASDAQ:GAME), Qiao Xing University (NASDAQ:XING), China Southern Airlines (NYSE:ZNH) to the upside and LDK Solar (NYSE:LDK), China Automotive Systems (NASDAQ:CAAS) and China Integrated Energy (NASDAQ:CBEH) to the downside.

Shanda Games (NASDAQ:GAME) bounced back +6.5% off yesterday's lows, the stock lost -9.9% on Tuesday. Chinese airliners got a lift from Hong Kong earlier the day; H-shares of China Eastern Airlines (HKG:1055) rose +0.7% before the NYSE open. Chinese energy and solar stocks suffered as the price of oil fell below $80/barrel. LDK Solar (NYSE:LDK) tumbled -9.1% while China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and distributor, tumbled -7.8%. To see what China ADRs moved the most in percentage points, see chart below.

China stocks on the move - measured by dollar change - included CNOOC Ltd. (NYSE:CEO), (NASDAQ:BIDU) and China Automotive Systems (NASDAQ:CAAS) to the downside. China's offshore oil specialist, CNOOC Ltd., is a pure oil producer that is adversely effected when the price of oil heads south. (NASDAQ:BIDU) fell -$3.47 but that's only -0.5% given its high stock price. China Automotive Systems (NASDAQ:CAAS) is going to report 2010 first quarter earnings before the open tomorrow.

Chinese Airliners shined on lower oil and stronger dollar. China Eastern Airlines (NYSE:CEA) has over 50% market share over Shanghai, a city that hold the Expo 2010 event with over 500,000 visitors in the first three days. China Southern Airlines (NYSE:ZNH) had a strong showing as well. Shanda Interactive (NASDAQ:SNDA) bounced back off yesterdays' lows, just as did E-House Holdings (NYSE:EJ). Chines real estate stocks look attractive from a valuation point of view. Shanda Games (NASDAQ:GAME) moved up more in percentage term then her mother company.

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China ADRs pare losses by noon

China ADRs pare losses by noon

May 5, 2010 (Chinavestor) Shares of Chinese companies bounced back up after a low open on Wednesday buoyed by a strong advance of the Euro and firmer commodity and energy prices. Most ETFs tracking small and large cap China stocks were back in the black by noon.

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China’s Auto Companies: Will the Legend of 2009 Continue?

China’s Auto Companies: Will the Legend of 2009 Continue?

May 5, 2010 (Judy Zhang) A Prosperous Auto Market in China

The global financial crisis brought a heavy blow to the world auto market. In 2009, the auto sales in the US market wilted 21%, from 13 million to 10 million. Specifically, the “Big Three”--Chrysler, GM, and Ford--shrank 40%, 36%, and 22% in their sales, followed by Toyota, Nissan, and Honda with 28%, 26%, and 25% decrease respectively.

However, 2009 oversaw a huge explosion in China’s auto market with a 46% sales increase to over 13 million, and for the first time surpassed the US market and became the biggest market in the world. At the same time, GM and Ford  (NYSE:F) gained increased sales of 66.9% and 44%, and Nissan and Toyota increased sales by 30% and 21% respectively.

China’s auto companies even took a step ahead. Chana International Corporation, Beijing Automobile Works, and Shanghai Automobile (SHA:600104) occupied the top 3 in China’s auto market with sales increases of 117%, 61%, and 57%.

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China stock market summary May 4, 2010

China stock market summary May 4, 2010

May 4, 2010 (Chinavestor) Chinese stocks listed in American equity markets tumbled on Tuesday. Fears that Greece's debt crisis may spread to Spain and Portugal sent the euro downhill, strengthening the dollar and easing oil and commodity prices. Softer oil hurt energy stocks and equity markets in general.

The DJIA (INDEXDJX:.DJI) tumbled -225.1 points or -2.0% to 10,926.77 at the close. Chinese indices in Asia fell earlier the day as regulators continue to cool-off the economy. Bank reserve ratios were lifted by 50 basis points and third home mortgages were suspended on top of previous tightening measures. The acceleration in China's manufacturing activity has lost steam in April, measured by the Purchasing Managers' Index,  but inflation remained a concern. The Hang Seng Index fell -0.2% but the Shanghai Composite Index (SHA:000001) tumbled to a seven months low.

Stocks mentioned in this report include JA Solar Holdings (NASDAQ:JASO), AirMedia Group (NASDAQ:AMCN), Shanda Games, Spreadtrum Communications (NASDAQ:SPRD), China BAK Battery (NASDAQ:CBAK), Fushi Copperweld (NASDAQ:FSIN), and AsiaInfo Holdings (NASDAQ:ASIA).

Chinese stocks fell all over the board, small and large cap ADRs alike. The iShares FTSE/Xinhua China 25 Index (NYSE:FXI), a large cap proxy for Chinese stocks, fell -3.7% just as much as the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO).

Chinese solar makers took a heavy blow, led by JA Solar Holdings (NASDAQ:JASO). AirMedia Group (NASDAQ:AMCN) slid in the afternoon as investors took a second look at its earnings. While the company reported revenue increase the bottom line stayed in the red for the first quarter of 2010.

Harbin Electric (NASDAQ:HRBN) fell -11.6% ahead of earnings on May 10. Another double digit loser of the day was China Yuchai International (NYSE:CYD) with a -10.7% drop for the day.

Shanda Games (NASDAQ:GAME) fell hard on no particular news. China's second largest online game developer and operator will report earnings later this month or early June.

Spreadtrum Communications (NASDAQ:SPRD) rose +7.3% - heavy volume and no particular news. But this stock has been in and out of the overbought / oversold indicator multiple times, suggesting this is a truly volatile stock that carries high risk.

A surprise last hour rally propelled China BAK Battery (NASDAQ:CBAK) back to the black for the day. Shares of the company fell -14% on April 27 following 2010 Q1 financials. But the stock became oversold, as we pointed it out in the subsequent days, explaining today's surprise move. CBAK down 10% on lower guidance, lackluster growth.

Another earnings related stock of the day, Fushi Copperweld (NASDAQ:FSIN) fell -2.43% by the end of the day. The share price stayed in the black for most of the day thanks to in-line earnings and sweetened 2010 Q2 profit outlook. Fushi Copper gaps up on 2010 Q2 outlook.

AsiaInfo Holdings (NASDAQ:ASIA) couldn't hold on to early morning gains, stemming from good 2010 Q1 financials. Shares of the company fell -4.67% for the day. Asiainfo proves pessimists wrong.

Knowledge base

China ADRs tumble along U.S. markets on Tuesday morning

China ADRs tumble along U.S. markets on Tuesday morning

May 4, 2010 (Chinavestor) Shares of Chinese companies listed in American soil tumbled sharply on Tuesday as U.S. markets got spooked by Greece's ills, slowing Chinese manufacturing data, a strong dollar and falling commodity and energy prices. Chinese indices in Asia fell earlier the day as the government increased reserve ratios for banks in an effort to cool-off the property market.

The proxy for large cap Chinese stocks, iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI), fell the most among Chinese ETFs followed by the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO). Stocks with the steepest decline include China Yunchai International Limited (NYSE:CYD), E-House Holdings (NYSE:EJ), Harbin Electric (NASDAQ:HRBN) and JA Solar (NASDAQ:JASO).

But Fushi Copperweld (NASDAQ:FSIN) is up thanks to in-line earnings and 2010 Q2 revenue guidance above estimates.

Chinese indices fell in Asia on Tuesday, the Shanghai Composite fell to a seven months low on Tuesday. Bank reserve ratios were lifted by 50 basis points, depleting the lending pool by $44 billion, according to estimates. China's purchasing managers' index fell to a six months low of 55.4 in April from 57 a month before. Any reading above 50 means expansion. And while the manufacturing sector is less overheated, a good sign, inflation is on the rise in China and in greater Asia. Besides Chinese data, Greece's debt concerns sent world markets lower on Tuesday. But U.S. economic indicators have been strong - pending homes sales were up 5.3% from a month earlier and March factory orders were up +1.3%, another surprise to the upside.  Strong earnings from Pfizer (NYSE:PFE) and Merck Co. (NYSE:MRK) were unable to lift U.S. investors from the bearish mood.

The broad sell-off sent Chinese ADRs tumbling in he morning. Real estate related stocks continue to suffer. E-House Holdings (NYSE:EJ) fell -8.6% while China Infrastructure Investment Corp. (NASDAQ:CIIC) lost -5.3% by 11:00 A.M.

China Yunchai International Limited (NYSE:CYD) fell -8.2% in the morning - giving up most of the gains from the last five trading sessions. Power producer Harbin Electric (NASDAQ:HRBN) fell -7.9%, four times as much as larger Huaneng Power (NYSE:HNP). Huaneng's H-shares (HKG:0902) advanced +0.7% earlier the day in Hong Kong.

Chinese solar stocks got hammered on Tuesday. Strong dollar sent oil prices lower and increased foreign currency related losses. Solar stocks and the dollar. JA Solar Holdings (NASDAQ:JASO) fell -7.1%, the most among solar plays, but the rest of the sector is in the red as well.

UTStarcom (NASDAQ:UTSI) fell -6.44% ahead of earnings after the close today. China stock earnings calendar May 3-7, 2010.

There is only a limited number of stocks on the bright side. Fushi Copperweld (NASDAQ:FSIN) rose +3.3% on in-line earnings and sweetened 2010 second quarter revenue outlook. Fushi Copper gaps up on 2010 Q2 outlook.

AsiaInfo Holdings (NASDAQ:ASIA) gave up most of the pre-market and early morning gains by 11:00. The stock got a boost from 2010 Q1 numbers. AsiaInfo proves pessimists wrong.

Shares of Yanzhou Coal (NYSE:YZC) fell for the second day in a row as Australia is mulling the toughest tax regime for resource companies like YZC. Yanzhou bought Felix Resources, a large Chinese coal miner, in 2009 making up 25% of all coal production of the company. Yanzhou Coal 2010 Q1 profit doubles.

Besides Yanzhou Coal (NYSE:YZC), energy stocks, airliners, and telecoms contributed the most of the tumble of the iShares FTSE/Xinhua China 25 Index (ETF) (NYSE:FXI).

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