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BIDU, SINA lead China stocks lower

BIDU, SINA lead China stocks lower

January 29, 2014 (Chinavestor) The Dow Jones Industrial Average (INDEXDJX:.DJI) lost 189.77 or 1.19% points on Wednesday, setting a stage for a free fall for Chinese stocks. The result: the China ADR Index, calculated by Chinavestor, fell 14.58 points or 1.46% today. NASDAQ listed Chinese stocks took the brunt of the beating. The China NASDAQ Index fell as much as 3.18%. Such a sharp decline is attributed to the following stocks: Baidu Inc. (NASDAQ:BIDU), Sina Corp. (NASDAQ:SINA), 51job Inc. (NASDAQ:JOBS), and Ctrip.com Int. (NASDAQ:CTRP), among others.

When it comes to NYSE listed Chinese stocks, China's oil triumvirate led the decline. CNOOC Ltd. (NYSE:CEO), Petrochina (NYSE:PTR) and Sinopec (NYSE:SNP) fell $3.08, $2.43, and $1.72, respectively. Smaller Youku Tudou (NYSE:YOKU) shed $1.68.

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Effects of Chinese Big Four bar by SEC

Effects of Chinese Big Four bar by SEC

January 27, 2014 (Chinavestor) US listed Chinese stocks have experienced a free fall last week since the SEC barred accounting firms from China to audit books of firms like Baidu Inc. (NASDAQ:BIDU) and Sina Corp. (NASDAQ:SINA). The Chinavestor calculated China ADR Index, measuring the performance of all US listed Chinese stocks, fell 4.6% in two days.And just how steep and unusual this decline was, see the following chart.

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SEC probe destroys SFUN, BIDU

SEC probe destroys SFUN, BIDU

January 24, 2014 (Chinavestor) We have compiled a graph depicting the effect of the SEC's latest move trying to rein in bookkeeping of Chinese listings on US Exchanges. Basically the SEC ruled that Big Four accounting firms' "sister" firms in China were precluded by PRC laws from sending the SEC the work product of audits for a number of companies the SEC was investigating for malfeasance. Essentially, all of the Big Four China affiliates have been censured and suspended from doing audits for six months.

I believe this was the right move after a large number of Chinese firms have taken advantage of US investors for long years. See our related Newsletters: FOCUS ON QUALITY OF CHINESE STOCKS. We wrote last April that "We took note when the SEC’s offer to audit Chinese companies seeking U.S. listing in China by Chinese authorities, was turned down. Given that corporate governance has long been not considered vanguard in China, this lack of cooperation between the SEC and the Chinese Securities Commission deeply undermined trust in Chinese ADRs. And for a good reason!"

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SFUN can't stop rally

SFUN can't stop rally

January 23, 2014 (Chinavestor) Chinese stocks fell along the market on Wednesday, expect for a few well known names. The stock that defied market trend the most was SouFun Holdings (NYSE:SFUN). This stock surged $6.73 or 7.64% on Wednesday amid high volume. The stock just can't stop the rally that has started in the summer and propelled the stock price from the $20 range to just under $95...

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Knowledge base

CNOOC riding on wave of PRC demand

CNOOC riding on wave of PRC demand

January 23, 2014 (Chinavestor) Economic reality: Chinese crude oil consumption increased to 10.2 million bbls/d in 2012, with the nation demanding only less than the US who consumed 19 million bbls/d in 2012.

The mechanics that are keeping a supply-demand economic equilibrium with the commodity is not their domestic production of the crude oil, but the fact they are becoming the largest net importer of the product. China has increased their imports of the commodity considerably in the past decade, with notable correlations with their GDP growth.

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