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China ADR Wrap July 28, 2010

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warning3 July 28, 2010 (Chinavestor) – Chinese stocks led the way once again as U.S. equities endured a moderate sell-off that saw the Dow Jones Industrial Average (INDEXDJX:.DJI) shed just under 40 points, or 0.4%. The picture was more rosy in Hong Kong with the Hang Seng Index (INDEXHANGSENG:.HSI) popping 0.6%. The Shanghai Composite Index (SHA:000001) was a stalwart performer, jumping 2.2%.

Stocks on the move include China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) from the airline sector; LDK Solar (NYSE:LDK) and JA Solar (Nasdaq:JASO) from the solar sector; and Shanda Games (Nasdaq:GAME), Netease.com Inc. (Nasdaq:NTES), Changyou.com (Nasdaq:CYOU), and Home Inns & Hotels Management (Nasdaq:HMIN) from the NASDAQ listed China stock universe.

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China-specific ETFs were a mixed bag with the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) losing 0.3%. The iShares/FTSE Xinhua China 25 Index (NYSE:FXI) was flat on the day while the Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) notched a small gain on the day.

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Large-cap winners weren't all that impressive today. China Eastern Airlines (NYSE:CEA) led the way with a gain of just 3.7%. China Southern Airlines (NYSE:ZNH) popped 2.75%. JA Solar (Nasdaq:JASO) added almost 3% and LDK Solar (NYSE:LDK) was another solar winner, gaining 1%.

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Online gaming firms saw modest gains with Shanda Games (Nasdaq:GAME), Netease.com (Nasdaq:NTES) and Changyou.com (Nasdaq:CYOU) all adding more than 1% on the day. Longtop Financial (NYSE:LFT) and Home Inns & Hotels Management (Nasdaq:HMIN) both gained 1%.

Just as the winners didn't book big gains, the losers weren't all that bad. Melco Crown Entertainment (Nasdaq:MPEL) lost more than 7% after delivering a profit report that disappointed investors. Mindray Medical (NYSE:MR) and VanceInfo Technologies (NYSE:VIT) both dropped by more than 3%. Internet names were weak as Baidu (Nasdaq:BIDU) lost more than 2% and Sina (Nasdaq:SINA) lost nearly 3%.

China Real Estate Information (Nasdaq:CRIC) tumbled 2.53% on volume that was well below 50% of the daily average. China Yuchai International (NYSE:CYD), City Telecom (Nasdaq:CTEL), AsiaInfo (Nasdaq:ASIA) and Semiconductor Manufacturing International (NYSE:SMI) all lost more than 1%.

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Small-caps were a touch better on Wednesday. China Natural Resources (Nasdaq:CHNR) soared almost 13% on more than quadruple the average daily volume. Xinhua Sports & Entertainment (Nasdaq:XSEL) gained more than 7% on light volume and no news. China GrenTech (Nasdaq:GRRF) added almost 6% on thin volume and no headlines. Sutor Technology (Nasdaq:SUTR) was another no news, light volume winner, adding more than 3%.

ChinaEdu (Nasdaq:CEDU), VisionChina Media (Nasdaq:VISN) and Acorn International (NYSE:ATV) all added more than 2% on the day. Jinpan International (NYSE:JST), China BAK Battery (Nasdaq:CBAK) and GigaMedia (Nasdaq:GIGM) all gained just under 2%.

China Infrastructure Investment (Nasdaq:CIIC) was hammered by almost 13% on more than seven times the average daily volume to lead the small-cap losers. Qiao Xing Universal Resources (Nasdaq:XING) continued its bearish ways, tumbling 4.6%. UTStarcom (Nasdaq:UTSI), American Oriental Bioengineering (NYSE:AOB) and CDC Corp. (Nasdaq:CHINA) also lost more than 4% apiece.

Slack oil prices weighed on WSP Holdings (NYSE:WH), which lost more than 3%. American Dairy (NYSE:ADY), Rino International (Nasdaq:RINO), Tongxin International (Nasdaq:TXIC) and China Housing & Land Development (Nasdaq:CHLN) all lost more than 3%.



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