Thursday's Asia ADR Recap
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 (SOLF) 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. Trina Solar (TSL), advanced 1.9% to $31.28; Yingli Green Energy (YGE), added 5% to $18.18; Suntech Power (STP), traded up 3.3% to $38.07; China Sunergy (CSUN), rose 4.6% to $7.73; and JA Solar (JASO) finished 1.3% higher to $17.91.
According to a report from chinaknowledge.com, China's largest chipmaker, Semiconductor Manufacturing International (SMI) 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 Noah Education (NED) 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 O2Micro International (OIIM), which fell 6% to $8.14; China Digital TV (STV), which lost 5.2% to $18.34; and Linktone (LTON), which dropped 4.7% to $2.81. Be sure to check out the 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. For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.
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