Tuesday's Asia ADR Recap

Chinese alternative energy company ReneSola (SOL Quote) announced it has inked two six-year solar wafer supply deal with Ningbo Solar Electric Power and Eoplly New Energy Technology. Under the terms of the deal, ReneSola will supply both companies with 105 MW of solar wafers begging in mid-2008. Shares of ReneSola rose sharply by 14.6% to $14.96 on the news.

Elsewhere in the Chinese solar complex, Solarfun Power (SOLF Quote) was hit with some bearish comments out of AmTech Research. AmTech initiated coverage on the company with a neutral rating and a $14 price target. AmTech believes that Solarfun's gross margins are at risk and the company will need to raise additional capital or increase credit lines to fund growth for 2009. Despite the cautious comments, shares of Solarfun finished up 1.5% at $14.60.

In the Chinese insurance sector, CNinsure (CISG Quote) announced it has signed strategic partnership agreement with Minsheng Life Insurance. Under the terms of the agreement, CNinsure will strengthen its partnership with Minsheng by promoting business between the two companies at both the group and local branch levels. Shares of CISG finished down 1.6% at $12.72.

Some of the leading gainers among Chinese ADRs Tuesday were AirMedia (AMCN Quote), which rose 5.8% to $15.69; WuXi PharmaTech (WX Quote), which jumped 3.9% to $19.60; NetEase.com (NTES Quote), which added 3.7% to $19.97; and Cnooc (CEO Quote), which closed up 3.4% to $162.50.

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.