Thursday's Asia ADR Recap

Hong Kong's Hang Seng Index closed up 391.5 points, or 1.6%, to 25,680.

Piper Jaffray started coverage on Chinese solar company ReneSola(SOL Quote) with a buy rating and a $25 price target, citing cheap valuation. Piper analyst Jesse Pichel said he thinks the company can expand long-term margins as the product mix changes towards multicrystalline wafers from mono and as tolling revenue accelerates. American depositary shares of ReneSola fell 1.7% to $17.27.

Elsewhere in the solar complex, Trina Solar(TSL Quote) announced it has inked a six-year polysilicon supply deal with Silfab S.p.A.. Under the terms of the deal, Silfab will supply Trina Solar with virgin polysilicon that will produce around 225 MW of solar modules starting in 2010. Shares of Trina Solar traded up 0.5% to $42.20.

Crude oil prices cooled off Thursday dropping over $2.33 a barrel to $115.93. Investors took advantage of the action and locked in gains in a number of Chinese solar and energy ADRs. Cnooc(CEO Quote), dove 6% to $173.79; Solarfun Power(SOLF Quote), lost 4.1% to $13.84; Canadian Solar(CSIQ Quote), dropped 4.1% to $23.95; Suntech Power(STP Quote), shed 5.7% to $43.49; and Yingli Green Energy(YGE Quote), fell 2.1% to $22.43.

AsiaInfo Holdings(ASIA Quote) a provider of software to Chinese telecom companies, reported a 16% jump in first-quarter total revenue and a 31% rise in first-quarter net revenue. AsiaInfo said total net income for the first quarter was $5.3 million, or 12 cents a share, vs. $6.4 million, or 15 cents a share, from a year earlier. The company also beat first-quarter EPS guidance and announced it repurchased 166,400 shares as part of its stock-buyback program. Shares of AsiaInfo rose 4.5% to $12.81.

Spreadtrum Communications(SPRD Quote), one of China's leading wireless chipmakers, announced it has entered into a strategic partnership with WingTech Group. The companies plan to leverage their respective cutting-edge chip and handset design technologies to develop feature rich entry-level phones -- with features like MP3 playback, stereo output, voice recording and Bluetooth interface for wireless data transmissions. Shares of Spreadtrum advanced 5.9% to $8.24.

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.