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China ADR Wrap August 11, 2010

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decline_9 August 11, 2010 (Chinavestor) – Chinese stocks were mixed overnight with the Hang Seng posting a small loss and the Shanghai Composite (SHA:000001) posting a light gain, but it was a bloodbath in the States as the Dow Jones Industrial Average was slammed to the tune of 2.5%. Commodities names were slammed as were the the China-specific ETFs we track. The iShares/FTSE Xinhua China 25 Index (NYSE:FXI) was the “best performer” and that isn't saying much as the ETF was down almost 2.8%. The Claymore/AlphaShares China Small-Cap ETF (NYSE:HAO) shed almost 3% and the PowerShares Golden Dragon USX Halter China ETF (NYSE:PGJ) was rocked, losing 3.51%.

Key stocks mentioned in this report include Home Inns & Hotels (Nasdaq:HMIN), Shanda Games (Nasdaq:GAME) and the following stocks from the solar sector: Trina Solar (NYSE:TSL), Suntech Power (NYSE:STP), Yingli Green Energy (NYSE:YGE) and JA Solar (Nasdaq:JASO.

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Finding large-caps winners was no easy feat today. There was four of them. Yes, four. Longtop Financial (NYSE:LFT) gained 1% while Home Inns & Hotels (Nasdaq:HMIN), Synutra (Nasdaq:SYUT) and Shanda Games (Nasdaq:GAME) all added less than 1%.

Things have really changed quickly and for the worse among solar stocks. Trina Solar (NYSE:TSL) lost 4.8% on the day. Suntech Power (NYSE:STP) was slammed by 4.7%. Yingli Green Energy (NYSE:YGE) lost more than 6%. LDK Solar shed almost 7% and JA Solar (Nasdaq:JASO) plunged by 8%. Earnings reports in this sector have really failed to impress.

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Airlines offered no respite as China Eastern (NYSE:CEA) tumbled 6.35% and China Southern (NYSE:ZNH) slipped by 6.53%. China Real Estate Information (Nasdaq:CRIC) disappointed on the earnings front and that led to a drop of 9.4% on stronger than average volume. The biggest loser was China Yuchai International (NYSE:CYD), which plunged almost 13% on more than twice the average daily turnover as investors ran out of the stock on the back of earnings news that was not pleasant.

Small-caps were a little better in terms of finding winners, though that isn't saying much. We have five winners in this corner of the Chinese ADR market. Qiao Xing Mobile (NYSE:QXM) led the way with a pop of almost 2.7%. Nam Tai Electronics (NYSE:NTE) added more than 2%. Yucheng Technology (Nasdaq:YTEC) gained 1% while 3SBio (Nasdaq:SSRX) and China BAK Battery (Nasdaq:CBAK) were both higher by less than 1%.

Acron International (NYSE:ATV), Actions Semiconductor (Nasdaq:ACTS), HQ Sustainable Maritime Industries (AMEX:HQS) and Gushan Environmental (NYSE:GU) were all unchanged on the day.

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There was a bevy of big losers among Chinese small-caps, starting with American Oriental Bioengineering (NYSE:AOB), which tumbled more than 7%. China Sky One Medical (Nasaq:CSKI) reported earnings yesterday, but investors slammed the stock by more than 7% today. China Sunergy (Nasdaq:CSUN) was caught in the solar downdraft, losing 7.44% on more than twice the average daily volume. China Fire & Security (Nasdaq:CFSG) lost nearly 7.5% and Chindex International (Nasdaq:CHDX) continued its bearish ways, slipping by almost 7.6% on weak volume.

There was no news on the wires today about Fuqi International (Nasdaq:FUQI), but that didn't prevent a strong volume decline of nearly 9%. China Technology Development (Nasdaq:CTDC) shed 9% on turnover that was five times better than the daily average. CDC Corp. (Nasdaq:CHINA) and Vimicro International (Nasdaq:VIMC) both lost more than 9%.

Those losses pale in comparison to the almost 14% loss endured by Agria (NYSE:GRO). There was no news to prompt the sell-off in Agria (NYSE:GRO), but volume was nearly 50% higher than the daily average.



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