Tuesday's Asia ADR Recap

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.

China Recap

Chinese stocks rose Tuesday after some major blue chips reported strong first-quarter earnings results. Baoshan Steel, China's largest metal maker, posted a 16% increase in first-quarter profits and Tangshan Iron & Steel, the nation's second biggest steelmaker, said first-quarter profits surged 57%. China's third largest bank, Bank of China, reported that net income soared 85% as loan growth offset U.S. subprime mortgage losses.

"First-quarter earnings are almost all out and the economy isn't as weak as investors had feared, which is why some investors are already beginning to bargain-hunt," said Huatai Securities analyst Chen Jinren.

Despite the strong earnings reports, dealers in the region said investor sentiment could be hampered going forward when more than 230 billion yuan ($32.9 billion) non-tradable shares come off of lockup in May.

The Shanghai Composite Index advanced 48 points, or 1.4%, to 3,523 and Hong Kong's Hang Seng Index closed up 247 points, or 1%, at 25,914.

Huaneng Power International (HNP Quote), a unit of China's largest independent power producer, announced it has bought Tuas Power for around $1 billion to expand its operations into Singapore. The company will pay its parent China Huaneng Group 1.57 billion yuan ($225 million) in cash and finance the remainder of the acquisition through debt. American depositary shares of Huaneng jumped 4.4% to $31.73.

The Hong Kong-listed arm of China's fourth largest coal miner, Yanzhou Coal (YZC Quote), said first-quarter net profit rose 112.7% to 1.49 billion (213.13 million) due to a sharp rise in the price of coal. The company said it booked a net profit of 1.11 billion yuan in the first half of 2007 and operating revenue jumped 47% to 5.55 billion yuan. Yanzhou forecasted that first-half net profit will rise by more than 100%. Shares of YZC rose by 2% to $91.80.