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China ADR Wrap June 29, 2010

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decline_9 June 29, 2010 (Chinavestor) – The signs were all there that Tuesday could be a very bleak day for global equity markets as the Hang Seng took a mighty tumble overnight, falling almost 478 points, or 2.3% to settle at 20,248.90. Things were worse for the Shanghai Composite (SHA:000001), which fell 4.3% to a new 14-month low. U.S. stocks took their cues from the dour performances in Asia with all three major U.S. indexes losing about 3% each.

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China-specific ETFs got hammered on Tuesday with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) losing more than 5%. The iShares/FTSE Xinhua China 25 Index (NYSE:FXI) lost almost 4% as did the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO).

Finding big losers on a day like Tuesday was no hard task and Ctrip.com (Nasdaq:CTRP) stands out. Despite a bullish call by Citigroup (NYSE:C), Ctrip.com (Nasdaq:CTRP) tumbled 12% on nearly quadruple its average daily volume. Synutra International (Nasdaq:SYUT) was once again home to some bearish trade, shedding 10.6% on the day. Technology names offered no shelter from the storm with AsiaInfo Holdings (Nasdaq:ASIA), Baidu (Nasdaq:BIDU) and Focus Media (Nasdaq:FMCN) all losing between 8.6 % 9.9%.

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China Eastern Airlines (Nasdaq:CEA) lost 8.5% on almost double the average daily volume. Energy names, regardless of what kind of energy they produce, were also in the red. JA Solar (Nasdaq:JASO) dropped 7.6% while Yanzhou Coal (NYSE:YZC) lost 8.3%. 51Job (Nasdaq:JOBS) and China Yuchai International (NYSE:CYD) round out the top 10 losers, both losing about 8%.

Winners were obviously hard to come by, so a 1% gain for Longtop Financial (NYSE:LFT) and a 2% pop for Shanda Games (Nasdaq:GAME) were standouts on Tuesday.

It was a toxic Tuesday for Chinese small-caps as well with some of the usual suspects suffering big losses. Rino International (Nasdaq:RINO) led the way, shedding 11% while CDC Corp. (Nasdaq:CHINA) and UTStarcom (Nasdaq:UTSI) both lost 10.5%.

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Agriculture-related names were also punished as well with China Green Agriculture (NYSE:CGA) and Origin Agritech (Nasdaq:SEED) both losing 8%. eLong (Nasdaq:LONG) followed larger rival Ctrip.com (Nasdaq:CTRP) lower, losing 8%. China BAK Battery (Nasdaq:CBAK) and A-Power Energy (Nasdaq:APWR) highlighted weakness in alternative energy names, losing 7.45% and 8%, respectively.

GigaMedia (Nasdaq:GIGM) certainly stands out as a winner, soaring 12% on no news, but more than double the average daily volume. WSP Holdings (NYSE:WH) bucked the negative trend in enegy stocks to gain almost 6%, but volume was weak at just about the average daily turnover.

China Architectural Engineering (Nasdaq:CAEI) also gained almost 6%, but volume was light in this name as well. China Fire & Security Group (Nasdaq:CFSG), Yucheng Technology (Nasdaq:YTEC) and HQ Sustainable Maritime Industries (AMEX:HQS) round out the winners with small gains.



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