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China ADR Wrap May 24-28, 2010

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rotation May 29, 2010 (Chinavestor) – Chinese stocks enjoyed a solid week as concerns about Europe's sovereign debt crisis seem to abate a bit, at least until Friday when Spain endured a second cut to its credit rating. Oil prices gained solid footing for a couple of days, helping boost Chinese oil names such as Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and China Petroleum & Petrochemical (NYSE: SNP). However, Yanzhou Coal was the king of the large-cap energy and materials names adding 8% on the week.

The top gainer among Chinese ADRs on the week was Xinyuan Real Estate (NYSE:XIN), which soared 34%. Xinyuan Real Estate (NYSE:XIN) gained more than 12% on Friday after Rodman & Renshaw initiated coverage of the shares with a “market perform” rating. Xinyuan Real Estate (NYSE:XIN) sharply outperformed the Claymore/AlphaShares China Real Estate ETF (NYSE:TAO) which was flat on the week. China Housing & Land Development (Nasdaq:CHLN) was another strong real estate performer, adding 16% on the week.

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Chinese agriculture names, which we reviewed on Wednesday, also caught a bid with Origin Agritech (Nasdaq:SEED) rocketing higher by almost 31%. The shares gained almost 20% after our piece highlighting the sector. AgFeed Industries (Nasdaq:FEED) gained almost 13% for the week. Agria (NYSE:GRO) was up nearly 27%, gaining about 20% after our piece on the sector.

American Dairy (NYSE:ADY) soared as small-caps came back into favor, at least temporarily, gaining almost 20%. Investors also appeared willing to roll the dice on gambling concern Melco Crown Entertainment (Nasdaq:MPEL), which added almost 17%. Semiconductor maker Spreadtrum Communications also added almost 17% despite a slow news flow. Volume was more than double the daily average on Friday. Information technology services provider Yucheng Technologies (Nasdaq:YTEC) added nearly 14%, also on slow news flow.

Solar names endured another tough week as investors found oil stocks to be far more appealing. Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) lost 3.855 and 4.28%, respectively. Speaking of energy-related names, Huaneng Power International (NYSE:HNP), China's largest independent power producer, seemed on the cusp of getting a technical bounce, which didn't materialize until Friday, when the shares gained 1.62%. Huaneng Power International (NYSE:HNP) was still down 5.6% on the week.

Changyou.com (Nasdaq:CYOU) showed there is still plenty of weakness in the online gaming sector, not good news ahead of next week's earnings updates from Shanda Games (Nasdaq:GAME) and Shanda Interactive (Nasdaq:SNDA). Changyou.com (Nasdaq:CYOU) dropped 4.7% for the week.

Speaking of earnings, China Nepstar Chain Drugstore (NYSE:NPD) is still being held back by the disappointing earnings report the company delivered last week. The stock shed almost 10% this week.

Oil services provider WSP Holdings (NYSE:WH) didn't participate in the oil rally, losing almost 8% after reporting less-than-inspiring earnings coupled with a tepid outlook. AirMedia Group (Nasdaq:AMCN), the digital TV network operator, was a suspicious decliner, losing 10.6% with no headlines to explain the decline.

China Medical Technologies (Nasdaq:CMED) slumped almost 6%, not an encouraging sign given that the medical device maker reports earnings on June 4. Following the week's drop, China Medical Technologies (Nasdaq:CMED), now yields almost 5%. China Architectural Engineering (Nasdaq:CAEI) and Syntura International (NYSE:SYUT) round out the biggest losers, shedding 5% and 4.5%, respectively.

Looking forward, China will release purchasing managers report in the first week of June and Premier Wen Jiabao will meet his Japanese counterpart in a high profile talk later the week.



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