Friday's Asia ADR Recap: ATA

The Chinese telecommunications sector was put in play Friday after the government kicked off its reorganization plan for the wireless industry by giving China Mobile (CHL Quote) control of fixed-line company China Tietong Telecommunications, according to Xinhua News Agency. American depositary shares of China Mobile, which trade on the NYSE, lost 5.8% to $78.34.

Trading was suspended in Hong Kong and on the New York Stock Exchange for China Netcom Group (CN Quote), China Unicom (CHU Quote) and China Telecom (CHA Quote) pending the release of price-sensitive information.

Prior to the suspension, shares of China Netcom and China Telecom soared 12%, while China Telecom popped 7% on speculation that smaller carriers will be able to increase profits after the reorganization.

Piper Jaffray raised its price target on shares of ATA (ATAI Quote), a provider of computer-based testing services in China, from $17 to $24 and reiterated its buy rating, citing new labor laws that could open up the door for new business opportunities in China's Ministry of Health, Finance and Justice, and also in the insurance industry. Shares of ATA jumped 6.9% to $17.08.

Jefferies & Co. raised its price target on Suntech Power (STP Quote) from $63 to $67 and bumped up its non-GAAP EPS estimates for 2008 to $1.65 from $1.59 and for 2009 to $2.69 from $2.51, citing the company's introduction of a new high-efficiency cell technology. The price hike follows Suntech's strong first-quarter earnings that easily exceeded Wall Street estimates yesterday. Shares of Suntech added 4% to $46.89.

Yanzhou Coal Mining (YZC Quote), China's third-biggest coal producer, announced it has inked a coal supply deal with customer Huadian Power that would bump its 2008 revenue by $135 million. Under the terms of the deal, Yanzhou Coal will sell Huadian 52.1% more coal than it did last year at a 37.9% higher price. Shares of Yanzhou fell 5.7% to $105.35.

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.