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China ADR Wrap May 28, 2010

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decline3 May 28, 2010 (Chinavestor) – A rally in select Chinese large-caps was not enough to lift the broader market higher as the Hang Seng added 1.7% on Friday, but the Shanghai Composite fell 0.2%. U.S. stocks finished the week selling-off after Spain received a second-downgrade to its credit. That sent the Dow Jones Industrial Average to another triple-digit loss.

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The losses weighed on China-specific ETFs with the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) losing just under 1%. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) and the Claymore/AlphaShares China Small-Cap ETF both lost more than 1%.

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A decline in oil prices after a two-day rally weighed on Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Sinopec Shanghai Petrochemical (NYSE:SHI). All traded lower on Friday, but Yanzhou Coal (NYSE:YZC) continued to be a stalwart among materials names adding another 2.81% today on volume that was better than twice the daily average. Yanzhou Coal (NYSE:YZC) was up almost 8% this week.

Huaneng Power International (NYSE:HNP), China's largest independent power producer, traded higher by 1.62% today. The shares had been looking oversold and due for a technical bounce, so momentum traders may want to continue to watch Huaneng Power International (NYSE:HNP).

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Internet giants Ctrip.com (Nasdaq:CTRP) and Baidu (Nasdaq:BIDU) were both dragged down by the Nasdaq. JA Solar Solar tumbled almost 6% as oil prices wilted. Small-caps such as AgFeed Industries (Nasdaq:FEED) had limited opportunity to move higher on Friday as risk appetite was shelved for the day. AgFeed Industries (Nasdaq:FEED) lost 3.51%.

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China Real Estate (Nasdaq:CRIC) lost almost 4% after news broke that some analysts don't expect Chinese real estate stocks to recover until later this year. Healthcare names didn't provide much shelter from the storm with Chindex International (Nasdaq:CHDX) and China Biotics (Nasdaq:CHBT) losing 7% and 4.5%, respectively.

There was plenty of weakness in tech names with China Information Security Technology (Nasdaq:CPBY) and Vance Information Technology (NYSE:VIT) losing 4.7% and 5.34%, respectively.

Of course there were winners with Origin Agritech (Nasdaq:SEED) attracting some bargain hunters to a sector that has been oversold. WSP Holdings (NYSE:WH) rebounded almost 11% after being hammered due to a disappointing earnings report earlier this week. Melco Crown Entertainment (Nasdaq:MPEL) added another 7% on Friday. The stock is in rally mode, adding close to 15% this week.

Xinyuan Real Estate (NYSE:XIN) was a bright spot in the real estate sector adding 12% after Rodman & Renshaw initiated coverage of the shares with a “market outperform” rating. China BAK Battery (Nasdaq:CBAK) gained 6% on volume that was nearly 50% above the daily average. Acorn International (NYSE:ATV) was the reverse situation, gaining more than 3% on suspiciously light volume. Gushan Environmental Energy (NYSE: GU) gained 5% on no news and volume that was about a third of the daily average.



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