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China ADR Wrap June 3, 2010

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offshore1 June 3, 2010 (Chinavestor) The DJIA made a V-shaped recovery on Thursday lifting smaller cap Chinese stocks the most. The Claymore/AlphaShares China Small Cap ETF (NYSE:HAO), tracking small cap China shares advanced +0.1%, in-line with the DJIA, while the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) fell -0.6%.

Financials weighted down the large cap proxy but industry leader Huaneng Power (NYSE:HNP), Home Inns & Hotels Management (NASDAQ:HMIN), Ctrip.com (NASDAQ:CTRP) and China Life Insurance (NYSE:LFC) all retreated. Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner, felt a pinch, too. But selected NASDAQ listed China blue chips advanced; Sohu.com (NASDAQ:SOHU), NetEase.com (NASDAQ:NTES), Baidu.com (NASDAQ:BIDU) rose just as did oil companies, Sinopec (NYSE:SNP) and Petrochina (NYSE:PTR).

Solarfun Power Holdings (NASDAQ:SOLF) rose the most in percentage points and China Finance Online (NASDAQ:JRJC) advanced 6% before earnings release after the close. But WSP Holdings (NYSE:WH) fell hard, just as was predicted in the overbought/oversold report this morning.

 

The DJIA opened higher, fell to session lows but recovered most of the losses by the close as investors digested a weaker euro and a slew of economic news. Chinese shares rose in Hong Kong earlier the day but profit taking took a toll on investors' mood in Shanghai.

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Looking at Chinese ETFs, large cap proxy iShares FTSE/Xinhua 25 Index (NYSE:FXI) fell -0.6% but smaller stocks outperformed. It was an opposite of what was happening in Asia earlier the day, where most large cap stocks advanced while smaller ones lagged.

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Solarfun Power Holdings (NASDAQ:SOLF) advanced +7.6% while Train Solar (NYSE:TSL) rose 2.82%. Suntech Power (NYSE:STP) reported earnings before the bell, reassuring investors that the solar sector is fundamentally healthy.

WSP Holdings (NYSE:WH) fell 9%, the most among Chinese ADRs, as investors sold-off the stock after a technical rebounce on Wednesday.

Internet stocks surged; Sohu.com (NASDAQ:SOHU) rose 4.77% followed by NetEase.com Inc. (NASDAQ:NTES) and Baidu.com (NASDAQ:BIDU). Internet spending remained strong as investors gauge Shanda's earnings from Wednesday.

Oil stocks advanced on the back of firm crude prices; Petrochina (NYSE:PTR), the largest oil producer in China, rose .56% while Sinopec (NYSE:SNP), Asia's largest refiner by volume, advanced $.70.

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Ctrip.com (NASDAQ:CTRP) succumbed to profit taking after a 3% surge the day before while China Life Insurance (NYSE:LFC) and Yanzhou Coal (NYSE:YZC) continued to trade sideways for the third day in a row. Home Inns & Hotels Management (NASDAQ:HMIN) became overbought by this morning, as we posited it out in the overbought/oversold report, suggesting today's correction was timely and well taken. Expect the company to show strength in the upcoming days.



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