Tuesday's Asia ADR Recap: Dr. Reddy's

The Shanghai Composite Index plunged 161.60 points, or 4.5%, to 3,443.22, and Hong Kong's Hang Seng Index dropped 572.77 points, or 2.2%, to 25,169.46. Here's how some China-based American depositary shares traded in the U.S. Tuesday.

Chinese online game operator The9 Limited (NCTY Quote) announced its first-quarter net revenue surged 63% year-over-year and net income jumped 36%, due to higher subscriptions for Blizzard Entertainment's World of Warcraft video game. The company said net revenue was $62.67 million, vs. Wall Street estimates of $58.1 million and net income was $12.79 million, vs. $9.4 million for the first quarter of 2007.

Following the strong earnings report, Brean Murray, Carret & Co. maintained its buying rating on the shares and raised its price target from $23 to $30. Shares of The9 finished essentially flat at $25.74.

Shares of China GrenTech (GRRF Quote), a manufacturer and marketer of wireless coverage products, plunged 15% Tuesday, despite the fact the company said it narrowed its first-quarter loss on a 128% rise in total revenue. The company said its first-quarter loss was 24 cents a share on revenue of $10.2 million, vs. Wall Street estimates of 25 cents a share and $8.41 million in revenue. Shares of China GrenTech fell 92 cents to $5.23.

Shares of Shanghai-based air carrier China Eastern Airlines (CEA Quote) jumped 1.3% after rumors hit the street that the company plans to merge with rival Shanghai Airlines. China Eastern board secretary Luo Zhuping denied the rumors and said the company is focused on disaster relief efforts after last week's 7.9 magnitude earthquake. Shares of CEA finished essentially flat to $44.47.