Chinese pharmaceutical and biotechnology company WuXi PharmaTech (WX - Get Report) announced it has filed a registration statement with the Securities and Exchange Commission for a proposed follow-on and secondary public offering of American depositary shares. Securities that will be sold under the offering will include shares held by the company and shares held by other shareholders. Lead underwriters for the secondary will be Credit Suisse Securities and JP Morgan Securities, WuXi said. Shares of WuXi dropped 5.7% on the news to $22.15.
Some big winners among Chinese ADRs Friday were Noah Education (NED), which traded up 9.3% to $6.34; China Natural Resources (CHNR), which advanced by 8% to $21.59; ReneSola (SOL), which added by 8.7% to $12.91; and China Sunergy (CSUN), which finished higher by 8.4% to $9.62.
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.