Wednesday's Asia ADR Recap: ReneSola

Elsewhere in the Chinese solar sector, ReneSola (SOL Quote) jumped 3% after it reported a 242% surge in first-quarter net revenue and raised its 2008 revenue outlook, due to increased production. The company said first-quarter net revenue was $123 million, vs. $35.9 million in the first quarter of 2007 and first-quarter net income soared 160% to $17.7 million, vs. $6.8 million in the first quarter of 2007. Looking ahead, the solar-panel maker raised its 2008 revenue target to a range of $570 million to $590 million, vs. its previous guidance of $530 million to $550 million.

ReneSola also announced it inked a six-year, 525-megawatt wafer supply contract with Taiwan-based solar cell maker Gintech Energy. Following the solar company's strong earnings report, Piper Jaffray raised its price target from $25 to $40 and reiterated a buy rating on the stock. Shares of ReneSola finished up 63 cents at $22.30.

China-based economy hotel chain, Home Inns & Hotels Management (HMIN Quote), announced its first-quarter revenue soared 95% to $50.9 million, with $40 million in revenue coming from the recently acquired Top Star hotel chain. The company forecasted for second-quarter revenue of $62.8 million to $65.7 million, vs. Wall Street estimates of $60.42 million. Shares of HMIN advanced 5.9% to $25 on heavy volume.

China Automotive Systems (CAAS Quote), a supplier of power-steering components, soared 25% after the company said first-quarter net income rose 46% to $41.5 million and net income surged 170% to $4.4 million, due to strong sales of steering components for passenger vehicles, light duty vehicles and commercial vehicles. Shares of CAAS traded up $1.37 to $6.85 on extremely heavy volume.

Chinese specialty pharmaceutical company Tongjitang Chinese Medicines (TCM Quote) announced it has temporarily halted production of its XLGB product after the company's water piping system at its Guiyang facility was damaged from the recent earthquake. Shares of TCM fell 4.7% to $7.98.

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.