Elsewhere in the Chinese telecommunications complex,
fell 3.7% to $19.12,
China Netcom Group
dropped 2.5% to $57.82, and
finished essentially flat at $72.67.
Shares of China's third-largest coal producer
Yanzhou Coal Mining
plunged 10% after the Shandong government announced it will implement temporary price cuts on coal supplied to power generators. Following the news, the company announced it will raise some of its sport coal prices for other industries by $7.21 to $14.42 per ton. Shares of Yanzhou lost $10.99 to $96.72.
Shares of Hong Kong-based
China Natural Resource
, a Chinese mining company, dove 9.3% after the company reported disappointing full-year results for 2007 due to falling zinc prices. The company said net income for 2007 came in at RMB23.7 million, or RMB1.86 a share, vs. RMB72.5 million, or RMB6.36 a share, from a year earlier, and revenues were RMB126 million, vs. RMB145.4 million from a year ago. Shares of China Natural lost $1.97 to $19.06 on above-average daily volume.
, an information technology service provider to the Chinese banking industry, announced it has won a large contract with
China Construction Bank
to provide its next-generation credit management information system. Financial details of the contract were not disclosed. Shares of Yucheng rose 2.57% to $12.36.
Some notable losses were seen among Chinese ADRs and China-based stocks on Wednesday, led by
Yingli Green Energy
, which slipped 6.6% to $18.97;
, which dove 6.5% to $17.60;
Xinyuan Real Estate
, which lost 6.5% to $8.09; and
China Finance Online
, which moved down 5.6% to $21.86.
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