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China ADR Wrap August 19, 2010

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economy2 August 19, 2010 (Chinavestor) – It was an interesting day of divergence for Chinese and U.S. stocks. One would've thought with the positive action in Asia, that U.S. stocks would've been in for a better day, but that was not the case. Despite a small gain for the Hang Seng and a pop of almost 1% for the Shanghai Composite Index (SHA:000001), another round of negative economic news was the undoing of U.S. stocks and ADRs as the Dow tumbled 1.4%. Of course that was not good news for U.S.-listed China-specific ETFs. The PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) lost 0.4% and the iShares/FTSE Xinhua China 25 Index (NYSE:FXI) slid 0.7%. Small-caps offered no relief as the Claymore//AlphaShares China Small-Cap ETF (NYSE:HAO) tumbled 1.1%.

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Among the large-caps, for some reason this was a particularly kind day for online gaming firms as Netease.com (Nasdaq:NTES) paced the winners with a gain of more than 12% on some positive earnings news. That news lifted Shanda Games (Nasdaq:GAME) and Perfect World (Nasdaq:PWRD) by more than 2% each.

City Telecom (Nasdaq:CTEL) was a curious winner, adding 7.5% on strong volume, but no news. VanceInfo Technologies (NYSE:VIT) notched a nice gain of 6.64%. Large-cap oil names looked strong after Cnooc's (NYSE:CEO) bullish earnings report. China's largest offshore driller gained almost 2.7% while Sinopec (NYSE:SNP), Asia's largest refiner, added 2.6%.

On the other hand, Thursday was not the day to be involved with solar stocks. JA Solar (Nasdaq:JASO) and Trina Solar (NYSE:TSL) each lost almost 3% while Suntech Power (NYSE: STP) lost more than that. Investors punished Yingli Green Energy (NYSE:YGE) on the back of earnings, sending that stock lower by more than 4%. LDK Solar (NYSE:LDK) led the losers with a dip of 6%.

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Airlines didn't fare much better. China Eastern Airlines (NYSE:CEA) shed almost 3% while China Southern (NYSE:ZNH) plunged almost 4%.

Looking at the small-cap winners, ChinaEdu (Nasdaq:CEDU) paced the field with a gain of better than 4% on strong volume thanks to some cheery earnings news. China Housing & Land Development (Nasdaq:CHLN) also added more than 4%, but that move came on weak volume and no news. Rino International (Nasdaq:RINO) gained 3.25% on strong volume.

WSP Holdings (NYSE:WH) followed its big oil counterparts higher, booking a gain of 2.54% on the day. China Infrastructure Investment (Nasdaq:CIIC), ATA Inc. (Nasdaq:ATAI) and China Natural Resources (Nasdaq:CHNR) each added more than 2%.

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The small-cap losers list is chocked full of the usual suspects. China-Biotics (Nasdaq:CHBT) slipped more than 4% on no news. Jinpan International (NYSE:JST) lost more than 4% on weak volume. Noah Education (NYSE:NED) and American Dairy (NYSE:ADY) were also members of the 4% losers club.

China Integrated Energy (Nasdaq:CBEH) tumbled 5.4% on weak volume and no news. Chindex (Nasdaq:CHDX), China Grentech (Nasdaq:GRRF) and VisionChina Media (Nasdaq:VISN) all shared two things in common: Each lost more than 5.5% and each did so on below average volume. AirMedia's (Nasdaq:AMCN) loss of almost 6% occurred on almost double the average daily turnover. Weak earnings plagued Acorn (NYSE:ATV) to the tune of an almost 9% loss.



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