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China ADR Wrap September 23, 2010

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decline_9 September 23, 2010 (Chinavestor) – It was a fine day to take a day off and that's exactly what Chinese stocks did as both the Hang Seng Index (INDEXHANGSENG:.HSI) and Shanghai Composite (SHA:000001) were closed due to holiday celebrations. U.S. stocks couldn't really pick-up the slack as a rise in the weekly jobless claims numbers and some weak economic data out of Europe cast a pall over the Dow Jones Industrial Average. Predictably, it was a tough day for our trio of China-specific ETFs as the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) lost 0.35% while the iShares/FTSE Xinhuna China 25 Index (NYSE:FXI) and the Claymore/AlphaShares (NYSE:HAO) both lost about 0.8%

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With the major Asian markets being closed, it is no surprise to see that we don't have a Chinese large-cap that moved at least 4%...in either direction! Asia-Info Linkage (Nasdaq:ASIA) and Baidu (Nasdaq:BIDU) led the large-cap winners with gains of more than 3.5% each. Sohu.com (Nasdaq:SOHU) was the only other small-cap to gain more than 3%.

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51job (Nasdaq:JOBS) continued to impress, adding 2.9% on the day. VanceInfo (NYSE:VIT) jumped 2.7% while Sina (Nasdaq:SINA) resumed its bullish ways, gaining 2.5%. Mindray Medical (NYSE:MR) and Netease.com (Nasdaq:NTES) were the only other large-caps to gain more than 2%. China Real Estate Investment (Nasdaq:CRIC) and New Oriental Education (NYSE:EDU) round out the winners, each gaining around 1.4% on the day.

The losers were tame as well. Melco Crown Entertainment (Nasdaq:MPEL) led that group, dropping 3.2%. Aluminum Corp. of China (NYSE:ACH) slipped 2.45%. Solar names weren't in favor as Yingli Green Energy (NYSE:YGE) dropped 2.3% and Suntech Power (NYSE:STP) gave up 1.7%. Traditional energy names such as Yanzhou Coal (NYSE:YZC) did fare much better. China's fourth-largest coal producer slipped 1.6% on the day.

Home Inns & Hotels Management (Nasdaq:HMIN) and Semiconductor Manufacturing International (NYSE:SMI) were the only large-caps to lose more than 2% on the day. Shanda Games (Nasdaq:GAME) tumbled 1.8% while China Eastern Airlines (NYSE:CEA) dropped by 1.7%. China Unicom rounds out the large-cap losers with a loss of 1.3%.

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Thursday was a very boring day for Chinese small-caps as well. Gushan Environmental (NYSE: GU) led the way with a surge of 8%. We're used to seeing bigger gains than that, particularly at the top end of the small-cap winners. Noah Education (NYSE:NED) followed with a pop of 4.1%, but after that things get really boring. China Technology (Nasdaq:CTDC) added 3.3% and was the only other Chinese small-cap to gain more than 3% on the day.

China BAK Battery (Nasdaq:CBAK), VisionChina Media (Nasdaq:VISN) and Tongxin International (Nasdaq:TXIC) all added more than 2%. American Dairy (NYSE:ADY) and Tiens Biotech (AMEX:TBV) each gained about 1.4%. Actions Semiconductor (Nasdaq:ACTS) rose by 1% to finish off the small-cap winners.

For as boring as the winners were, the losers weren't too bad. Xinhua Sports & Entertainment (Nasdaq:XSEL) was slammed by more than 11% to lead that group. Wonder Auto (Nasdaq:WATG) lost almost 6%. After that, no Chinese small-cap lost more than 5%. China Sunergy (Nasdaq:CSUN), eLong (Nasdaq:LONG) and UTStarcom (Nasdaq:UTSI) all shed about 4.1%.

China Fire & Security (Nasdaq:CFSG) and China Green Agriculture (NYSE:CGA) both tumbled by about 3.7%. China Architectural Engineering (Nasdaq:CAEI) and BMP Sunstone (Nasdaq:BJGP) each dipped by just over 3%. China Nepstar Chain Drugstore (NYSE:NPD) lost 2.9% to round out the small-cap decliners.



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