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Hon Hai May Boost Wages Following Suicides

Hon Hai May Boost Wages Following Suicides

May 28, 2010 (Chinavestor) Hon Hai Group (2317.TW), the Taiwan-listed assembler of Apple's (Nasdaq:AAPL) iPhone, may boost employee wages 20% following 10 apparent suicides among company staffers this year. Five of those suicides have taken place this year.

Hon Hai (2317.TW) did not say why it was increasing worker pay. The company is the world's largest contract producer of electronics. Shenzhen police and customers from Apple to Dell (Nadaq:DELL) are probing Hon Hai’s work conditions after the deaths, according to Bloomberg News.

Analysts have estimated the raises may cost Hon Hai (2317.TW) as much as $84 million. Citigroup (NYSE:C) lowered its earnings estimates for Hon Hai (2317.TW) by 11%.

The suicides may be the result of working conditions at Hon Hai (2317.TW) facilities, leading some to speculate the raises will do little to improve worker morale.

 

Chinese Property Stocks Could Bounce

Chinese Property Stocks Could Bounce

May 28, 2010 (Chinavestor) Chinese property stocks could rebound in the third quarter as Beijing's efforts to cool rapidly rising real estate prices take hold. Property stocks are the worst performers among Chinese equities in 2010. Poly Real Estate (SHA:600048), the largest listed developer in Shanghai, lost -30% YTD similar to China Vanke (SHE:200002), the largest publicly traded real estate developer. 

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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 Ctrip.com (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.

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 Netease.com (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 Netease.com (Nasdaq:NTES) and Giant Interactive (NYSE:GA) would almost certainly punish both Shandas and the sector at large.

Related story: Netease.com 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.

PetroChina Says Fuel Surplus Possible In China

PetroChina Says Fuel Surplus Possible In China

May 27, 2010 (Chinavestor)  PetroChina (NYSE:PTR), China's largest oil company, said a fuel surplus is possible in China next year as the country brings more new refineries online. The supply overhang could rise to 80 million metric tons of fuel resources by 2015, PetroChina (NYSE:PTR) said.

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