Wednesday's Asia ADR Recap

Chinese oil and natural gas behemoth Cnooc (CEO Quote) announced it has taken an 80% stake in private oil company Hangzhou Kangbo Petroleum, according to Xinhua News Agency. Hangzhou Kangbo operates three gasoline stations and an oil depot in east China's Zhejiang Province. "Cnooc plans to build 1,000 gasoline stations and oil depots in Pearl River Delta, Yangtze River Delta and Bohai Rim by 2010," said Li Maolin, managing director of the company's refining and petrochemical unit. Shares of Cnooc rose 5.8% to $172.

Elsewhere in the Chinese energy sector, Huaneng Power International (HNP Quote) said its first-quarter net profit will decrease by over 50% compared to the same period last year due to the sharp rise in thermal coal prices. China's largest electricity operator also said total power generation came in at 46.1 billion kilowatt-hours from January to March, which is an increase of over 18% over the same period last year. Shares of HNP dropped 3.5% to $26.53 on the news.

Chinese Internet stocks were in play Wednesday as investors bid up shares ahead of Google's (GOOG Quote) earnings report set for Thursday. Market players are hoping a strong report out of Google will bode well for the entire global Internet complex. Sohu.com (SOHU Quote) ripped higher by 10% to $55.11; SINA (SINA Quote) jumped 10.2% to $39.81; and Baidu.com (BIDU Quote) surged 10% to $317.75.

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.