Monday's Asia ADR Recap: Perfect World

SINA also had its target price raised by Credit Suisse from $60 to $72 and the firm reiterated its outperform rating on the stock. Shares of SINA slipped 2.4% to $53.59.

Shares of Hong Kong-based City Telecom (CTEL Quote) surged 16% after the company said profits jumped 162% year-on-year to HK$47.8 million and total revenue rose 10.9% to HK$623.8 million, due to strong demand for Fixed Telecommunications Network Services (FTNS) business. The company said FTNS revenue increased by 19.1% year-on-year to HK$474.9 million and new subscribers totaled 43,000 to 726,000. Shares of CTEL traded up 80 cents to $5.75.

Leading the gainers list among stocks based in China Monday were, China Precision Steel (CPSL Quote), which ripped higher by 33% to $7.96; ATA (ATAI Quote), which jumped 16% to $14.60; LJ International (JADE Quote), which added 12% to $3.90; and China Shenghuo Pharmaceutical (KUN Quote), which traded up 10.9% to $5.49.

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.