Thursday's Asia ADR Recap: Spreadtrum

"Investors are worried other big IPOs will be launched soon after China State Construction Engineering and drain liquidity," said Ding Chaoyu, an analyst at United Securities.

The Shanghai Composite Index dropped 18.27 points, or 0.54%, to 3,351.65 and Hong Kong's Hang Seng Index advanced 132.04 points, or 0.6%, to 24,255.29. Here's a look at how some China-based American depositary shares traded in the U.S. on Thursday.

China's leading Internet search engine Baidu.com(BIDU Quote) plans to become the largest provider of video chat services in the Far East. The company said it will launch its instant messaging service with real-time video chat based on leading provider of embedded real-time media processing applications Global IP Solution's GIPS VideoEngine platform. American depositary shares of Baidu, which trade on the Nasdaq, ripped higher by 5% to $361.81.

Shares of Sinopec Shanghai Petrochemical(SHI Quote) soared 10% on speculation that its parent company China Petroleum & Chemical(SNP Quote) is planning to make an offer to buy up stock of the petrochemical company it doesn't already control. Shares of Sinopec jumped $4.34 to $44.71 and shares of China Petroleum added 4.3% to $104.06.

Spreadtrum Communications(SPRD Quote), one of China's leading wireless baseband chipset providers, announced it has completed its share repurchase program. The company said it bought back around 1.78 million shares for a total cost of $14.9 million. Some of the shares it bought back helped to offset shareholder dilution from the stock issued for the Quorum Systems takeover. Shares of Spreadtrum finished essentially flat at $9.51.

Some big movers to the upside among Chinese ADRs and China-based stocks Thursday were China BAK Battery(CBAK Quote), which surged 13% to $4.77; China Architectural Engineering(RCH Quote), which soared 12% to $9.21; Trina Solar(TSL Quote), which rose 9.7% to $49.63; and JA Solar Holdings(JASO Quote), which moved higher by 6.5% to $21.48.