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China ADR Wrap July 8, 2010

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advance3 July 8, 2010 (Chinavestor) – Stocks in the U.S. extended what is a now a three-day rally with a second consecutive day of triple-digit gains for the Dow Jones Industrial Average. Twenty-nine of the Dow's 30 constituents were up today with Intel (Nasdaq:INTC) the lone laggard. Chinese stocks were just “OK” on the day as the Shanghai Composite lost 0.2%, but the Hang Seng jumped 1%. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) booked a small gain while the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) suffered a small loss. Small-caps looked good today as the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) notched a 0.5% gain.

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Solar names continue to shine among large-caps with LDK Solar (NYSE:LDK) soaring almost 10%. Suntech Power (NYSE:STP) popped almost 7% and JA Solar (Nasdaq:JASO) continued its bullish ways, gaining more than 6% on the day. A couple of real estate names saw nice gains as well, with Home Inns & Hotels Management (Nasdaq:HMIN) adding more than 3% and China Real Estate Information (Nasdaq:CRIC) surging by almost 8%.

VanceInfo Technologies (NYSE:VIT) was another big gainer, soaring 8.5% on more than twice the average daily volume. Perfect World (Nasdaq:PWRD) and New Oriental Education (NYSE:EDU) both gained more than 2.5%.

Commodities and materials names were laggards in the Chinese large-cap space with Aluminum Corp. of China (NYSE:ACH), Sinopec Shanghai Petrochemical (NYSE:SHI), China Petroleum & Chemical (NYSE:SNP) and Silvercorp Metals (NYSE:SVM) all losing between 1.5% and 1.93%. Telecom was another sector of weakness today with China Telecom (NYSE:CHA) falling almost 2% and China Unicom (NYSE:CHU) tumbling by 4.41%.

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CNinsure (Nasdaq:CISG) shed almost 6.6% after announcing a secondary stock offering and Semiconductor Manufacturing International (NYSE:SMI) was the biggest large-cap loser, plunging 9.44% on no news, but volume in the name was above average.

As we noted earlier, small-caps turned in a strong run today and that is actually highlighted by the fact that five of the biggest small-cap losers only lost between 2.4% and 2.7%. Those names included Agria (NYSE:GRO), Qiao Xing Mobile (NYSE:QXM), Noah Education (NYSE:NED), WSP Holdings (NYSE:WH) and China Technology (Nasdaq:CTDC).

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Air Media (Nasdaq:AMCN) continues to be a volatile name, shedding 3.34% on Wednesday. China BAK Battery (Nasdaq:CBAK) returned to the loser's column with a loss of more than 4.4% and China Architectural Engineering (Nasdaq:CAEI) led the decliners with a loss of almost 5%.

American Orientation Bioengineering (NYSE:AOB) surged more than 11% on volume that was almost 50% higher than average, leading small-cap gainers. China TransInfo Technology (Nasdaq:CTFO) popped by 8.54% on weak volume. VisionChina Media (Nasdaq:VISN) booked a gain of more than 7%, but volume was slack in this name as well.

Fuqi International (Nasdaq:FUQI) finally found its way into the winner's circle, adding more than 5% after consistently being mentioned among the small-cap losers for the past week. China TechFaith Wireless (Nasdaq:CNTF), General Steel (NYSE:GSI), China Housing & Land Development (Nasdaq:CHLN) and China Precision Steel (Nasdaq:CPSL) all added more than 6% today.



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