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China ADR Wrap May 20, 2010

China ADR Wrap May 20, 2010

May 20, 2010 (Chinavestor) – Global equity markets faltered once again on Thursday as Europe's debt concerns continued to hold equity markets hostage. The three major U.S. indexes took their cues from their Chinese counterparts, which plunged overnight, helping the Dow Jones Industrial Average, S&P 500 and Nasdaq all loose at least 3.5%. The Shanghai Composite (SHA:000001) lost almost 32 points, or 1.2%, to settle at a three-week low of 2,555.94.

On the bright side, Chinese solar stocks found some stability on Thursday despite a decline in oil prices. Trina Solar (NYSE:TSL) had been looking oversold and rebounded by 3.65% while Canadian Solar (Nasdaq:CSIQ) got a nice bounce as well, gaining 2.42%. Solarfun Power (Nasdaq:SOLF) also traded higher on the day and Suntech Power (NYSE:STP) gained almost 1%.

Riskier assets such as energy and materials names were bludgeoned as investors once again showed risk appetite is weak. Cnooc (NYSE:CEO), China's largest offshore oil driller, slumped $5.96 to $151.82 and PetroChina (NYSE:PTR), China's largest oil company, tumbled $4.76 to $101.92. Coal stocks also took it on the chin with the Market Vectors Coal ETF (NYSE:KOL) violating support at $30. Yanzhou Coal (NYSE:YZC), a top KOL holding, lost $1.63, or 7.5%, to close at $20.17.

Chinese airlines were grounded by investors today with China Southern Airlines (NYSE:ZNH) plunging $2.02, or 9.5%, to $19.22 on volume that was more than 505 higher than usual. The trade was no better for rival China Eastern Airlines (NYSE:CEA), which fell $3.14, or 7.55%, to $38.44. Travel related stocks in general saw dour trade with Ctrip.com (Nasdaq:CTRP) shedding $3.04, or 8%, to settle at $34.96 on volume that was more than 50% higher than the daily average.

Other big losers included Baidu (Nasdaq:BIDU), which lost $2.55, or 3.64%, to close at $2.55. Sina (Nasdaq:SINA) continues to see substantial selling pressure and was down again on Thursday, losing $2.01, or 5.54%, to settle at $34.28. Sina (Nasdaq:SINA) has lost 2% in the past two days after gapping up early Tuesday.

China TechFaith Wireless (Nasdaq:CNTF) was the day's big winner after delivering a solid earnings report last night. China TechFaith Wireless (Nasdaq:CNTF) shares were up almost 22% on the day. Linktone (Nasdaq:LTON) caught a bid on the back of China TechFaith Wireless (Nasdaq:CNTF) as Linktone (Nasdaq:LTON) gained 9.8%. Qiao Xing Mobile (NYSE:QXM) also participated in the positive trade for mobile phone-related issues, gaining almost 1%.

Vanceinfo Technologies (NYSE:VIT) notched a decent gain of 44 cents, or 2.5%, to close at $19.93. Volume was more than double the daily average in Vanceinfo Technologies (NYSE:VIT). Yucheng Technologies (Nasdaq:YTEC), the provider of IT services, gained almost 1% on strong volume. Sinovac Biotech (Nasdaq:SVA) and Yingli Green Energy (NYSE:YGE) rounded out the top Chinese percentage gainers with gains of 0.25% and 0.22%, respectively.

 

What's behind the Chinese real estate bubble?

What's behind the Chinese real estate bubble?
May 20, 2010 (Chinavestor) It's hard to nail it down to one factor what's behind China's property price increase, but the issue is hotly debated and is instrumental in understanding the latest performance of the Chinese equity markets. Excess liquidity stemming from the 2008-2009 stimulus package is obvious. But the devil is always in the details, so it's worth examining what keeps fueling housing prices.
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Chinese ADR Wrap May 19, 2010

Chinese ADR Wrap May 19, 2010

May 19, 2010 (Chinavestor) – U.S. stocks followed their Chinese counterparts lower on Wednesday, as real estate and banking shares weighed on the Shanghai Composite Index (SHA:000001), which fell by 0.3%. The Hang Seng Index (IndexHangSeng:.HSI) tumbled by almost 2%. Losers outpaced gainers, but winners outpaced losers in Shenzhen, where the Shenzhen Composite fell 0.12%.

Stocks mentioned in this report include Trina Solar (NYSE:TSL), China Real Estate Information (Nasdaq:CRIC), Global Sources (Nasdaq:GSOL), WuXi Pharmatech (NYSE:WX), Sinopec Shanghai Petrochemical (NYSE:SHI), Cogo Group (Nasdaq:COGO), Rino International (NASDAQ:RINO), among others.

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China ADR Wrap May 18, 2010

China ADR Wrap May 18, 2010

May 18, 2010 (Chinavestor) – It was another day of weakness for U.S. equities with the Dow Jones Industrial Average enduring another triple-digit loss. Tuesday's trade was a reverse of what was seen on Monday when stocks traded lower for most of the day before reversing course in the afternoon. On Tuesday, stocks started the day higher only to be punished in the afternoon. There was a distinct lack of negative headlines to fuel the selling, indicating U.S. equities are still held hostage to plunging oil prices and European debt concerns.

Chinese stocks saw some relief as the Shanghai Composite (SHA:000001) added 1.4%, better than a loss, but the index is still down more than 20% from its November highs and is still believed to be in bear market territory. Investors seem to be betting that the European contagion will keep Chinese policymakers from raising interest rates in the near-term.

It was a busy day for earnings releases from Chinese firms and that put names like Sina Corp. (Nasdaq:SINA) on investors' watch lists for the day. The Internet advertising firm said its first-quarter profit more than doubled and investors sent the shares are up by almost 8% today. Chipmaker Speadtrum Communications (Nasdaq:SPRD) reported solid results as well and helped by anayst upgraded, the stock gained more than 15% to settle at $9.44 after earlier touching a new 52-week high of $10. Gushan Environmental Energy (NYSE:GU) was able to shake off a less than impressive profit report to gain 1.63% on the day.

E-House Holdings (NYSE:EJ) saw some relief for a second consecutive day, adding about 1% while RINO International (Nasdaq:RINO) rebounded from Monday's negative trade to add 1.54% today.

Earnings reports also hampered some Chinese stocks, namely China Nepstar Chain Drugstore (NYSE:NPD), China's largest drugstore operator. That stock was down more than 16% after the company said rising costs are likely to weigh on 2010 profits. Giant Interactive (NYSE:GA) shed more than 1% as earnings reports from the online gaming sector fail to illicit excitement among investors this earnings season.

Solar names continue to look weak. After losing 9% yesterday, Trina Solar (NYSE:TSL) lost 10% today and Canadian Solar (Nasdaq:CSIQ) followed up Monday's almost 7% loss with a loss of 3.62% today.

Tiens Biotech (AMEX:TBV) erased much of Monday's gaining, losing almost 3% today while China Armco Metals (Nasdaq:CNAM) tumbled almost 13% after a disappointing earnings report.

The truth about the Chinese real estate bubble

The truth about the Chinese real estate bubble

May 18, 2010 (Yantao Li) The movement of the property selling price

 

According to the latest report from National Bureau of Statistics of China, in April, 2010, the selling price of property in 70 medium-large cities of China has increased 12.8% compared to the figure of same month last year. The price of newly constructed buildings has increased by 15.4% year-on-year. The price of commercial residential property has gone up by 17.3%.
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