Chinese ETFS ended the day in a positive territory thanks to a bullish market sentiment in Asia. The Shanghai Composite Index (SHA:000001) advanced +3.5% on Monday with each and every component of the SSE-50Index, tracking the 50 largest publicly traded Chinese stocks in Shanghai, ending the day in the black. China Eastern Airlines (HKG:0670) (NYSE:CEA) rose 11.39% in Hong Kong along with the rest of the airline industry as liberalization of premium-class tickets and easing of monetary policy buoyed investors. Today's 14.9% jump in New York came as a little surprise for investors. China Southern Airlines (NYSE:ZNH) advanced 5.52% in New York while Air China (HKG:0753) advanced 6.86% earlier the day.
But it was Origin Agritech (NASDAQ:SEED) that jumped the most among Chinese ADRs on Monday. China's largest biotech seed producer advanced 16.6% following a Rodman & Renshaw analyst upgrade, suggesting the market for hybrid seeds is expected to grow threefold in the next five years.
Shares of Longtop Financial (NYSE:LFT) advanced 11.3% following a better-than-expected earnings report combined with a bullish outlook for the upcoming quarter. Longtop soars following 2010 Q1.
Yingli Green Energy (NYSE:YGE) advanced beat the Street with 2010 first quarter numbers yet the stock succumbed to profit taking at the end of the day, closing in the red for Monday. But shipment, revenue and earnings grew above analysts' expectations, suggesting the Chinese solar sector remains healthy. Yingli back to profit, trading at discount.
Trina Solar (NYSE:TSL) and Solarfun Power (NYSE:SOLF) are schedule to report first quarter earnings later this week. China stock earnings calendar, May 24-28.
Most solar plays fell on Monday; Canadian Solar (NASDAQ:CSIQ) fell -5.79% while Renesola Ltd. (NYSE:SOL) dived -6.28%. Spain is one of the largest export market for Chinese solar makers and any Spain related financial problem makes investors nervous.
Chinese real estate stock pulled the Shanghai Composite Index (SHA:000001) higher on Monday. Chinese Premier suggested a fiscal easing is likely to come to make up for Europe's ebbs, helping property developers on Monday. Xinyuan Real Estate Co., Ltd. (NYSE:XIN), a NYSE listed Chinese developer rose +10.5% for the day.