Wednesday's Asia ADR Recap: Ctrip.com
Shenzhen-based provider of interactive education content Noah Education (NED) announced that its chief financial officer Trevor Choi will be leaving the company for personal reasons, effective May 31. Dora Li, Noah's financial controller, will take over as CFO during the interim. Shares of Noah slipped 6.9% to $6.33.
Nippon Oil, Japan's largest refiner, announced it has agreed to a joint refining venture with China's PetroChina (PTR). Under the terms of the deal, Nippon Oil will run the Osaka plant and PetroChina will manage the purchase of crude oil and sales of refined products. Shares of PetroChina dropped 7% to $145.
Among Chinese ADR losers Wednesday were China Eastern Airlines (CEA), which fell 10% to $44.16; Sohu.com (SOHU), which lost 10% to $71.52; China Finance Online (JRJC), which dropped 9.8% to $21.50; and Canadian Solar (CSIQ), which traded down 9.7% to $28.29.
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.
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