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China ADR Wrap July 29, 2010

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forecast_down July 29, 2010 (Chinavestor) – More uncertainty over the economic economic recovery hindered U.S. stocks with all three major indexes booking small loses. Chinese stocks were only slightly better with the Hang Seng Index trading flat on the day and the Shanghai Composite Index (000000:SHA) continuing its bullish ways by adding half a percent. Large-cap China-specific ETFs suffered small losses with PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) losing 0.66% and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) falling just 0.22%. The Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) notched a small gain on the day.

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To say the least, large-cap winners weren't all that impressive. The leader among that group was Home Inns & Hotels Management (Nasdaq:HMIN), which added over 3% on strong volume. China Southern Airlines (NYSE:ZNH) added 2.5% while rival China Eastern Airlines (NYSE:CEA) gained just under 1%.

Sina (Nasdaq:SINA), 51job (Nasdaq:JOBS) and Longtop Financial (NYSE:LFT) all gained at least 1%. Oil giant Cnooc (NYSE:CEO), solar titan LDK Solar (NYSE:LDK), Changyou.com (Nasdaq:CYOU) and Synutra International (Nasdaq:SYUT) all added just under 1%. That group rounds the winners, highlighting what a sluggish day it was for winning Chinese ADRs.

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The losers weren't too bad, except for AsiaInfo Holdings (Nasdaq:ASIA), which plunged more than 26% on roughly half its average daily volume after delivering second-quarter results that obviously didn't please investors. Don't be deceived by the gain for LDK Solar (NYSE:LDK) because rivals Trina Solar (NYSE:TSL) and Yingli Green (NYSE:YGE) both lost more than 4% and JA Solar (NYSE:JASO) lost more than 3%. Suntech Power (NYSE:STP) was another solar loser, shedding more than 2%.

City Telecom (Nasdaq:CTEL) and E-house (NYSE:EJ) both lost nearly 3%. Melco Crown Entertainment (Nasdaq:MPEL), Perfect World (Nasdaq:PWRD) and Yanzhou Coal (NYSE:YZC) all lost almost 2% on the day.

Small-caps really didn't have any standouts in either the winning or losing columns. China Natural Resources (Nasdaq:CHNR) surged almost 8% on strong volume and no news. Chindex International (Nasdaq:CHDX) followed with a 5% pop on triple the average daily volume. China TransInfo Technology (Nasdaq:CTFO) added almost 4%.

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Origin Agritech (Nasdaq:SEED) and China Sky One Medical (Nasdaq:CSKI) both gained more than 3%. AgFeed (Nasdaq:FEED) followed Origin Agritech (Nasdaq:SEED) higher with a bump of 2.44%. Noah Education (NYSE:NED) added almost 3% while ShengdaTech (Nasdaq:SDTH) and 3SBio (Nasdaq:SSRX) both gained almost 2%.

China Infrastructure Investment (Nasdaq:CIIC) continued to see big volume on the downside, losing almost 8% today on volume that was more than seven times the average daily turnover. Xinhua Sports & Entertainment (Nasdaq:XSEL) lost more than 6% on weak trade. WSP Holdings (NYSE:WH) actually fell by almost 5% on a day when oil prices firmed a bit. Agria (NYSE:GRO) couldn't follow its rivals higher, slipping 4.52% on the day.

Winner Medical Group (Nasdaq:WWIN), China Grentech (Nasdaq:GRRF), CDC Corp. (Nasdaq:CHINA), Fushi Copperweld (Nasdaq:FSIN) and China Fire & Security (Nasdaq:CFSG) all lost more than 3%. Real estate names continue to be a mixed bad with Xinyuan Real Estate (NYSE:XIN) shedding 2.63%.



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