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Thursday's Asia ADR Recap: Simcere Pharma
05/09/08 - 05:28 PM EDT
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The Shanghai Composite Index dropped 43.35 points, or 1.19%, to 3,613.49 and Hong Kong's Hang Seng Index dove 386.62 points, or 1.5%, to 25,063.17. Markets in Hong Kong will be closed on Monday for a public holiday. Crude oil prices hit another record high Friday topping $126 a barrel on the New York Mercantile Exchange. The high crude prices, coupled with bullish investor sentiment ahead of Monday's earnings report for JA Solar JASO, helped spur interest in the Chinese alternative energy stocks. JA Solar rose 7.7% to $23.54; ReneSola SOL ripped higher by 11% to $18; LDK Solar LDK jumped 5.8% to $37.05; and Solarfun Power SOLF finished up 4.9% at $14.85. Piper Jaffray lifted its rating on Chinese generic-drug developer Simcere Pharmaceutical Group SCR from neutral to buy with an $18 price target. Jaffray believes that worries over the company's generic-drug competition are overdone. The investment bank also cited three major catalysts for the shares including the Biapenem injection approval, Endu phase IV data and a presentation at the Chinese Oncology conference in August. Shares of Simcere jumped 6.3% to $14.68 on twice the stock's average daily trading volume. China's leading media company Xinhua Finance Media XFML announced it has inked a three-year deal with a major China auto advertiser for promotion campaigns on radio stations in China's three top cities. Shares of XFML finished up 1% at $4.01. Harbin Electric HRBN, a market leader in customized linear motors, motor/controller automation systems, automobile specialty micro-motors and other special motors, reported record revenue and operating profits for the first quarter of 2008, due to strong sales of its specialty micro-motors. Total revenue soared 65% to $22.5 million, vs. $13.6 million for the previous year and operating profits surged 68% to $8.6 million. First-quarter net income rose 57% to $5.4 million and diluted EPS was 27 cents, vs. 19 cents for the previous year. Shares of Harbin traded up 3% to $17.20 on twice the average daily trading volume.
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