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Chinese ADR Wrap May 19, 2010

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decline_7 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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Looking at individual stocks, Trina Solar (NYSE:TSL) made a remarkable intraday recovery. After being bloodied on Monday and Tuesday, it looked like Wednesday would be another down day for Trina Solar (NYSE:TSL)  as the shares were down as much as 7% at one point, but the stock rallied back to finish the day higher by almost 2%, making TSL the top gainer among Chinese ADRs on a dollar basis.

China Real Estate Information (Nasdaq:CRIC) participated in the rally in real estate names, gaining almost 4%. Oppenheimer initiated coverage of China Real Estate Information (NASDAQ:CRIC) yesterday with an “outperform” rating. Global Sources (Nasdaq:GSOL), the provider of Web sites and trade shows in China, surged almost 12% after the company reported bullish first-quarter numbers. GSOL said it is going to repurchase 6.67 million of its own shares at a premium to where the stock closed on Tuesday. GSOL is forecasting second-quarter profit of 14-15 cents a share on sales of $57 million-$57.5 million.

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Trade in GigaMedia (Nasdaq:GIGM) may have breathed some life into the online gaming sector as GIGM gained almost 7.5% on no news. Cogo Group (Nasdaq:COGO), the provider of digital communications equipment, was another name moving on no news. COGO shares gained 2% on the day. The same goes for BMP Sunstone (Nasdaq:BJGP), the maker of over-the-counter pharmaceuticals and consumer products. BJGP gained almost 1.2% on higher than average volume. WuXi PharmaTech (NYSE:WX) showed there is still value to be had in healthcare-related names, gaining more than 1%, but volume was weak in WX.

Sinopec Shanghai Petrochemical (NYSE:SHI), Longtop Financial (NYSE:LFT) and Tongxin International (Nasdaq:TXIC) all gained roughly 1% to round out the top-10 percentage performers.

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Showing that Trina Solar (NYSE:TSL) was the exception in the solar sector, Solarfun Power (Nasdaq:SOLF) and Renesola (NYSE:SOL) both plunged even as oil prices firmed a bit. SOLF was down nearly 11% and SOL was down almost 11.5%. Those losses pale in comparison to the almost 17% endured by Chinese Architecture Engineering (Nasdaq:CAEI). A disappointing earnings report sent CAEI lower today.

RINO International (Nasdaq:RINO) was back to its bearish ways, shedding almost 11% on volume that was nearly 10% higher than the daily average, indicating the bears have some strength in RINO. China-Biotics (Nasdaq:CHBT) plunged 9.2% after the company's update on the Chinese probiotics market and its new Qingpu facility failed to inspire investors. Volume was more than double the daily average in CHBT today.

Silvercorp Metals (NYSE:SVM) got caught in the precious metals pullback, tumbling 8% on more than double its average daily trade. Wonder Auto Technology (Nasdaq:WATG) also pulled back by almost 8%, perhaps on concerns that WATG with be impacted by slower growth in the Chinese auto market. Jewelry designer Fuqi International (Nasdaq:FUQI) declined 7.63% after receiving a second non-compliance notice from the Nasdaq. FUQI said the notice does not impact its trading or listing on the exchange.

Xinyuan Real Estate (NYSE:XIN) and ChinaGrenTech (Nasdaq:GRRF) both lost more than 7%. Investors punished GRRF after the company reported first-quarter results.

The relatively sound performance of the DJIA at the second part of the trading session suggests the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) may find support before the open on Thursday.



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