Chinese ADRs followed U.S. market lower. Stocks that fell outnumbered those that advanced eight to one. Small cap China Finance Online (NASDAQ:JRJC) and China Medical Technologies (NASDAQ:CMED) reported results for the first three months of 2010 as follows: both companies returned to profitability sending their shares higher on Friday. Mindray Medical (NYSE:MR), another Chinese medical equipment maker, rose on the back of strong CMED results.
Energy stock fell as the dollar gained against the euro; CNOOC Ltd. (NYSE:CEO) tumbled $6.68 followed closely by Petrochina (NYSE:PTR), China's largest oil producer. Sinopec (NYSE:SNP), the largest refiner in Asia, fell $1.97.
Baidu.com (NASDAQ:BIDU), the largest Chinese stock listed on the NASDAQ, trailed indices lower on Friday. Other Internet stocks followed suit; Sina Corp. (NASDAQ:SINA), Sohu.com (NASDAQ:SOHU) and Ctrip.com (NASDAQ:CTRP) fell hard in a broad sell-off.
The sell-off of Chinese ADRs was universal, both large and small cap proxies fell just about the same. The iShares FTSE/Xinhua 25 Index (NYSE:FXI), tracking the index of the largest 25 Chinese stocks, fell 2.4% while the Claymore AlphaShares Small Cap China ETF (NYSE:HAO) lost 2.3%.
China Medical (NASDAQ:CMED) rose on valuation as investors snapped up shares of the company after 2010 Q1 earnings. The company returned to profitability while its shares fell from $25 to just $10 in the last 52 weeks. Mindray Medical (NYSE:MR) rose on CMED news.
China Technology Development Group (NASDAQ:CTDC) advanced 3.31% as China's thin layered solar maker benefited from strong earnings from the rest of the sector earlier the week.
Small cap China stocks fell the most in percentage terms. Harbin Electric (NASDAQ:HRBN) fell over 10% as overcapacity problems squeeze profits of power producers. Shanda Games (NASDAQ:GAME) erased most of the gains it recorded the day before. Shanda reported 2010 Q1 on Thursday starting a sound rally - but the stock succumbed to pressure on Friday. China TechFaith Wireless (NASDAQ:CNTF) succumbed to profit taking as well, shares of the company jumped 20% last month on strong earnings.