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China ADR Wrap August 10, 2010

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factory August 10, 2010 (Chinavestor) – Sure, China's trade surplus surged to an 18-month high and exports appeared robust, but hidden in those numbers was some troubling import data. The import data weighed on Chinese and U.S. equities alike, sending the Hang Seng down by 1.5% while the Shanghai Composite Index (SHA:000001) tumbled 3%. China's woes and less than encouraging Fed speak led to volatile day for the Dow Jones Industrial Average, which shed half a percent on the day.

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The trio of ETFs that we track were in solidly in the red, led by a loss of more than 2% for the iShares/FTSE Xinhua China 25 Index (NYSE:FXI). The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) lost almost 2% and the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) shed nearly 1%.

Winners were hard to come by among large-caps, highlighted by the fact that Synutra International (Nasdaq:SYUT) led the way with a 2% gain that represented only a small bounce after Monday's huge plunge. Longtop Financial (NYSE:LFT) and AsiaInfo Linkage (Nasdaq:ASIA) both added 1%. Huaneng Power (NYSE:HNP), Baidu (Nasdaq:BIDU) and Vanceinfo Technology (NYSE:VIT) all notched small gains.

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On the other hand, losers were not hard to come by. Investors were not impressed by LDK Solar's (NYSE:LDK) earnings report as that stock lost almost 1% on more than twice the average daily turnover. JA Solar (Nasdaq:JASO) reported earnings as well and investors were even less warm to those numbers, sending the stock down by almost 9% on better than twice the average daily trade. Yingli Green Energy (NYSE:YGE) was caught in the downdraft, tumbling 4.37% and Trina Solar (NYSE:TSL) couldn't escape the solar mess either, losing almost 4%.

Online gaming firms didn't impress either as Giant Interactive (NYSE:GA) lost 3.7% and Shanda Games (Nasdaq:GAME) shed 3.5%. Travel and leisure names were nothing to write home about with Ctrip.com (Nasdaq:CTRP) and Melco Crown Entertainment (Nasdaq:MPEL) both losing more than 3% on the day.

All of those losers pale in comparison to Mindray Medical (NYSE:MR), which plunged almost 16% on more than 10 times the average daily volume after investors punished that stock on the back of a lackluster earnings report.

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On recent up days, we had seen small-cap winners easily outpace the losers, but that was far from the case on Tuesday. Tiens Biotech (AMEX:TBV) was the biggest winner with a gain of just 7% on average volume. China Housing & Land Development (Nasdaq:CHLN) and Tongxin International (Nasdaq:TXIC) followed with pops of better than 5% each. China Information Security Technology (Nasdaq:CPBY) and China Sky One Medical (Nasaq:CSKI) both added more than 4%.

VisionChina Media (Nasdaq:VISN), Noah Education (NYSE:NED) and China Finance Online (Nasdaq:JRJC) were all up by more than 3%. China Grentech (Nasdaq:GRRF) and Advanced Battery (Nasdaq:ABAT) both popped by almost 3% to round out the small-cap winners.

Dour trade in the solar patch dragged China Sunergy (Nasdaq:CSUN) down by more than 5%. Chindex International (Nasdaq:CHDX) lost 5.54% as investors responded to yesterday's earnings report. CDC Corp. (Nasdaq:CHINA) lost 5.56% on the day, hampered by its own earnings report.

Earnings really did rule the day with Chinese small-caps and AgFeed Industries (Nasdaq:FEED) felt that pain with a loss of 6.52% after investors sold that name off after the company reported a quarterly loss. Investors weren't warm to earnings from ShengdaTech (Nasdaq:SDTH) either, punishing that stock by more than 6%.

AirMedia (Nasdaq:AMCN) doesn't deliver results until tomorrow, but the shares were punished today to the tune of almost 9%. Chinese dairy stocks remain a place to avoid, highlighted by the 8.54% loss in American Dairy (NYSE:ADY). Trade was more than five times the daily average in that name. Xinhua Sports & Entertainment (Nasdaq:XSEL) lost more than 10% on no news. The biggest loser by far was HQ Sustainable Maritime Industries (AMEX:HQS), which plunged 26% on news of a secondary offering. Volume in that name was more than 20 times the daily average.



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