Wednesday's Asia ADR Recap: Solarfun

The windfall oil tax rumors and record high crude prices helped power shares of Chinese oil and gas ADRs higher Wednesday. Cnooc (CEO Quote) surged 5.5% to $203, Sinopec Shanghai Petrochemical (SHI Quote) climbed 2.7% to $38.40, and China Petroleum & Chemical (SNP Quote) added 2% to $93.25.

China Eastern Airlines (CEA Quote), the country's third-largest carrier, fell 5.3% after traders dumped shares over concerns that earthquake relief flights will impact the company's profits. The company has allocated more than 150 planes to help with relief efforts, cutting the seats available for generating profits. Shares of CEA lost $2.39 to $42.08.

China-based stocks and local ADRs making big moves Wednesday were ATA (ATAI Quote), which surged 8.9% to $16.07; LDK Solar (LDK Quote), which climbed 7.7% to $44.27; Huaneng Power International (HNP Quote), which traded up by 4.8% to $31.15; and Giant Interactive Group (GA Quote), which finished up 3.8% to $13.97.

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.