Wednesday's Asia ADR Recap: Tata Motors

Stocks in Hong Kong gave up early gains to finish marginally down Wednesday after heavyweight blue-chip China Mobile (CHL Quote) slid lower on worries of increased competition caused by the restructuring of the telecom sector, and Cnooc (CEO Quote) dropped on profit-taking led by the cooling in crude oil prices.

"There's still no buying interesting," said Linus Yip, a strategist at First Shanghai Securities. "There's no good news expected to help the market rebound."

Hong Kong's Hang Seng Index lost 32.53 points, or 0.1%, to 24,249.51. Here's a look at how some China-based American depositary shares traded in the U.S. Wednesday.

Shares of Chinese interactive media company and online game operator Shanda Interactive Entertainment (SNDA Quote) dropped 8.3% after the company announced its first-quarter profits fell 36% due to higher service costs and operating expenses, which ballooned by 88%. The company said first-quarter net income was 288.8 million yuan ($41.2 million) vs. 448.8 million yuan from a year earlier. Net revenue jumped 46.5% to 779.8 million yuan ($111.1 million), vs. 532.2 million yuan a year ago.

Following Shanda's earnings release, Piper Jaffray reaffirmed its buy rating and $44 price target on the stock and raised its EPS estimates. Jaffray raised its 2008 EPS from $2.15 to $2.33 and increased its 2009 EPS from $2.45 to $2.62. American depositary shares of Shanda, which trade on the Nasdaq, fell $2.94 to $32.36.

China Architectural Engineering (RCH Quote) announced its board of directors has approved the decision to move the listing of its stock from the American Stock Exchange to the Nasdaq beginning on June 9. The company will trade under the new ticker symbol "CAEI." Shares of China Architectural Engineering traded up 5.7% to $9.83.