Wednesday's Asia ADR Recap: Solarfun

Shares in Hong Kong were also helped by a report from Credit Suisse that said it's raising its year-end target for the Hang Seng Index to 28,000, 11% higher than the previous day's closing price. However, Credit Suisse threw cold water on investors in mainland China, after the same report said the Shanghai Composite Index could fall to 2,710 by the end of the year, representing a fall of 25% from the previous close.

The Shanghai Composite Index jumped higher by 101.03 points, or 2.9%, to 3,544.19, and Hong Kong's Hang Seng Index closed up 290.83 points, or 1.16%, at 25,460.29. Here's a look at how some China-based American depositary shares traded in the U.S. Wednesday.

Shares of Chinese alternative energy company Solarfun Power Holdings (SOLF Quote) soared 5% higher after the company reported first-quarter revenue of $171.3 million, vs. Wall Street estimates of $136.45 million. Gross profit surged 502% to $28.2 million from the same quarter last year. The company said operating profit exploded 3,300% to $20.7 million from the same quarter last year and 56% from the fourth quarter of 2007. American depositary shares of Solarfun Power, which trade on the Nasdaq, added $1.26 to $26.50.

Elsewhere in the Chinese solar complex, China Sunergy (CSUN Quote) received some positive comments from Jefferies & Co. analyst Paul Clegg, who upgraded the stock from underperform to hold and raised his price target from $6 to $12, citing strong sales trends for high-efficiency cells that helped boost margins. Despite the upgrade, shares of CSUN dropped 2.6% $12.39.