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China ADR Wrap May 25, 2010

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decline_7 May 25, 2010 (Chinavestor) – Chinese equities declined for the first time in three days due to elevated concerns that the government there will move swiftly to cool the real estate market and prevent asset bubbles from forming.

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Europe's debt woes continue to pressure commodities prices all over the world, a trend that weighed on Cnooc (NYSE:CEO) and Sinopec Shanghai Petrochemical (NYSE:SHI) both losing more than 2%. Yanzhou Coal (NYSE: YZC) was another Chinese commodities name that took a bath on Tuesday, shedding almost 4% despite news that JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank, increased its equity stake in the coal producer.

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China Eastern Airlines (NYSE:CEA) jumped 14% yesterday, making it the biggest percentage gainer on the New York Stock Exchange, but the shares gave back almost all of those gains today, shedding nearly 11%. Rival China Southern Airlines (NYSE:ZNH) fell sympathy, losing more than 4%.

WSP Holdings (NYSE:WH), the maker of casing and tubing products for oil and natural gas explorers, was slammed on a weak earnings report that saw the company move to a first-quarter loss from a profit a year earlier. Sales slumped almost 69% and shares of WSP Holdings (NYSE:WH) fell almost 13%. Falling oil prices were not kind to WSP Holdings (NYSE:WH), but they aren't helping solar stocks either. Trina Solar (NYSE:TSL), reported first-quarter results that beat estimates, but the shares fell as tumbling oil prices continue to pressure the solar sector.

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For-profit education provider ChinaEdu (Nasdaq:CEDU) was down on a tepid profit report issued last night. Yingli Green Energy (NYSE: YGE) lost 5% after a decision to delay a new solar plant. Ardour Capital downgraded the stock to “hold” from “buy.”

Hybrid seed maker Origin Agritech (Nasdaq:SEED) fell more than 5% a day after Rodman Renshaw upgraded the stock and boosted the price target. China Infrastructure Investment Corp. (Nasdaq:CIIC) was a suspicious decliner, losing 8% on no news and volume that was well below the daily average.

In terms of winning Chinese issues, Acorn International (NYSE:ATV) gained 5.95% on no news, but the stock is still down more than 15% in the past month. China Technology Development (Nasdaq:CTDC) also gained more than 5% on no news, but strong volume. Healthcare-related names continued to be one of China's strongest sectors with Sinovac Biotech (Nasdaq:SVA) and Simcere Pharmaceutical Group (NYSE:SCR) gaining 2.5% and 1.25%, respectively. Volume was more than double the daily average in Simcere Pharmaceutical Group (NYSE:SCR).

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Silver prices were down, but gold was up and that was enough to lift Silvercorp Metals (NYSE:SVM) 1%. Macau casino and resort giant Melco Crown Entertainment (Nasdaq:MPEL) popped 1.61% despite sparse headlines. Agria Corp. (NYSE:GRO) bucked the negative trend among agriculture-related stocks, adding 2.17%.

With risk appetite still low and the European debt crisis proving to be a producer of daily headlines that send investors running for the exits, Chinese stocks are having a hard time gaining traction, but Morgan Stanley said in a note to clients today that Chinese equities are factoring rising inflation and declining growth . Morgan Stanley called this a “mispricing” that could correct in the near-term.

 



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