Friday's Asia ADR Recap: Infosys

According to MarbridgeConsulting.com, China's leading search engine Baidu.com (BIDU Quote) is rumored to be near releasing its second beta test of Baidu Hi, the company's instant messaging client. Some of the new features that the beta version is rumored to have are integration with the TTPlayer music player, automatically adding people with similar interests to a users' buddy list, integration with other Baidu products and group voting. Shares of Baidu.com finished essentially flat at $345.06.

Chinese alternative energy company Yingli Green Energy (YGE Quote) announced it reached an agreement for a sales contract with Germany's S.A.G. Solarstrom AG. Under terms of the deal, Yingli will supply 5.75 megawatts of solar modules to S.A.G. for use in its projects in Italy and the contract will last from June 2008 to September 2008. Shares of Yingli rose 3.2% to $20.58.

Elsewhere in the Chinese alternative energy complex, Solarfun Power Holdings (SOLF Quote) surged 13% to $22.80; LDK Solar (JASO Quote) tacked on 8% to $46.05; ReneSola (SOL Quote) added 6.9% to $25.08; and Canadian Solar (CSIQ Quote) closed up 5% to $39.71.

Tongjitang Chinese Medicine (TCM Quote), a specialty pharmaceutical company, announced its first-quarter net revenue fell by 29% due to a sharp drop-off in sales for its moisturizing and anti-itching capsules. Tongjitang also said first-quarter net income was impacted by severe snowstorms that hit central and southern China. Net revenue came in at RMB105.8 million ($15.1 million), vs. RMB148.3 million a year earlier and net income was RMB11.9 million, vs. RMB47.29 million a year ago. Excluding share-based compensation expenses, net income would have been RMB21.2 million for the first quarter of 2008. Shares of Tongjitang added 1.5% to $8.95.

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.