China's Shanghai Composite Index plunged 195 points, or 5.4%, to 3,411.49 while Hong Kong's Hang Seng Index advanced 47 points, or 0.2%, to 22,664.22.
Chinese alternative energy company
Solarfun Power Holdings
spiked 16% higher after the company reported strong quarterly and full-year results. Net revenue for the full-year 2007 rose 280% to $328.3 million, and fourth-quarter net revenue jumped 304% to $135.4 million. Gross profit also rose 116% to $54.4 million. The company cited strong global demand for solar power for the blowout results. Solarfun closed up $1.90 at $13.36 on almost five times the average volume.
Chinese solar stocks rose across the board Thursday fueled by the strong earnings results from Solarfun Power.
, advanced 1.9% to $31.28;
Yingli Green Energy
(YGE - Get Report)
, added 5% to $18.18;
, traded up 3.3% to $38.07;
, rose 4.6% to $7.73; and
finished 1.3% higher to $17.91.
According to a report from
, China's largest chipmaker,
Semiconductor Manufacturing International
(SMI - Get Report)
is in advanced discussions with a strategic investor on a possible equity stake sale. The company is looking to sell shares or convertible securities to a strategic investor. SMI finished 11.9% higher at $3.68.
Chinese interactive education content provider
announced its board has authorized a $10 million share-buyback program of its American depositary shares over a one-year period. Noah rose 1.9% to $5.50 on the news.
Leading the losers list among Chinese ADRs were
, which fell 6% to $8.14;
China Digital TV
, which lost 5.2% to $18.34; and
, which dropped 4.7% to $2.81.
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Far East Portfolio
at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
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Daniel Harrison's coverage