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Wednesday's Asia ADR Recap: Ctrip.com
05/07/08 - 07:24 PM EDT
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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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