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China ADR Wrap September 27, 2010

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balance September 27, 2010 (Chinavestor) Chinese stocks had a strong showing in Asia on Monday but the rally failed to gain traction in the U.S. after investors took profits and digested latest deals. Financials led a late session plunge; Bank of America (NYSE:BAC), The Travelers Companies (NYSE:TRV) and JP Morgan Chase (NYSE:JPM) dragged down the Dow Jones Industrial Average (INDEXDJX:.DJI) 48.2 points to 10,812.04 by the close.

Selected Chinese ADRs followed U.S. indices lower for the day but the decline was far from universal. Large cap Baidu.com (NASDAQ:BIDU) advanced for the sixth day in a row. LDK Solar (NYSE:LDK) was the pleasant surprise of the day with a 18.19 percent jump. Explosive Melco Crown Entertainment (NASDAQ:MPEL) advanced 6.94 percent. But China Unicom (NYSE:CHU) and New Oriental Education (NYSE:EDU) continued to suffer. Small cap China Nepstar Chain Drugstore Ltd. (NYSE:NPD)rose a staggering 30 percent followed by AirMedia Group (NASDAQ:AMCN) and A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR). Rino International (NASDAQ:RINO) managed to gain over ten percent, as well.

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The advance of LDK Solar (NYSE:LDK) was not foretold and was stock specific; rival Suntech Power (NYSE:STP) was among the hardest hit larger cap Chinese stock on Monday. Trina Solar (NYSE:TSL), another prominent Chinese solar maker, fell 2.53 percent. LDK Solar (NYSE:LDK) got a boost after signing a strategical financing agreement with China Development Bank, ensuring affordable financing for product development for 2010 and beyond.

Melco Crown Entertainment (NASDAQ:MPEL) was the second best large cap China play, stocks over $500 million in market cap, with a 6.94 percent advance. Another volatile, NASDAQ play, Baidu.com (NASDAQ:BIDU) rose 6.12 percent, reaching to an all time high of $100. (the stock was trading at $700 earlier but a 10:1 split took dropped it back to double digits).

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Yet it wasn't cake walk for many; China Unicom (NYSE:CHU) fell 5.87 percent as investors rotated out of CHU in favor of China Telecom (NYSE:CHA). China Unicom (NYSE:CHU) reported a warm welcome of the iPhone4, registering pre-orders in he magnitude of 200,000, yet it was not enough to convince investors.

New Oriental Education & Technology Group (NYSE:EDU) dropped 5.44 percent on top of a 10 percent plus dive last Friday. The company released pre-earnings numbers that sent investors on the defense. While top line growth is expected to remain robust, at around 30 percent, net income growth of 8 percent is well below expectations. Technicals, fundamentals crush EDU.

Industry leaders, Suntech Power (NYSE:STP) and Trina Solar (NYSE:TSL) fell 4.5 percent and 2.5 percent, respectively. It was a stark reminder that LDK Solar's (NYSE:LDK) best day in 52 weeks was a stock specific move.

Small cap China stocks remained volatile. China Nepstar Chain Drugstore Ltd. (NYSE:NPD) advanced a staggering 29.81 percent for the day. It was only a $.95 advance yet for a stock under $10 a share it made a huge difference.

AirMedia Group (NASDAQ:AMCN) surprised investors to the upside - reminding us that smaller cap China stocks can pop.

A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR), a wind turbine maker, advanced 13.78 percent following "news" that "APWR Booking New DPG Biomass and Hydro Power Contracts". All thin from a no-name website... More about the story: APWR up 10 percent on "rumors"

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Gushan Environmental Energy (NYSE:GU), a small bio-diesel producer, fell the hardest among smaller Chinese stock on Monday. The stock was seriously overbought this morning and we predicted a decline, based on technicals. "current stock price is considered too high and susceptible to a decline. The same is true for Gushan Environmental Energy (NYSE:GU). Both stocks are trading out of their trading envelope and are approaching theoretical highs. A sharp advance from $.60 to $.84 in one week might lead a technician to believe that Gushan Environmental Energy (NYSE:GU) is overbought." Overbought China stocks in danger, September 27



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