Thursday's Asia ADR Recap: China Unicom

Some big gainers among Indian ADRs Thursday were ICICI Bank(IBN Quote), which soared 8.1% to $35.28; Tata Motors(TTM Quote), which ripped higher by 6.2% to $12.48; Satyam Computer(SAY Quote); which jumped 5.6% to $26.76; and HDFC Bank(HDB Quote), which rose 4.4% to $84.11.

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.

China Recap

Chinese stocks continued to decline on Thursday with the Shanghai Index breaking below the psychologically important level of 3,000, despite official data that showed inflation cooled off in May. China's consumer prices index slowed to 7.7% for May, vs. 8.5% in April, according to the National Bureau of Statistics Web site. The easing in the inflation reading was due to a drop in food prices. May food prices came in at 19.9%, which was 2.2% lower than in April.

"Investors are feeling hopeless, not just pessimistic," said Zhang Linchang, a strategist at Guotai Junan Securities in Shanghai.

The Shanghai Composite Index lost 66.71 points, or 2.2%, to 2,957.53 and Hong Kong's Hang Seng Index fell 303.74 points, or 1.3%, to 23,023.86. Here's a look at how some China-based American depositary shares traded in the U.S. on Thursday.

Shares of Chinese medical device company China Medical Technologies(CMED Quote) soared 17% after the company reported strong fourth-quarter earnings and gave a bullish outlook for the rest of 2008. The company said fourth-quarter earnings were RMB 133.6 million ($19.1 million), or RMB 4.66 (66 cents) per share, vs. RMB 83.7 million, or RMB 3.37 from a year earlier. Revenues nearly doubled to RMB 284.2 million ($40.5 million), vs. RMB 163.1 million from a year ago. Looking forward, China Medical said adjusted earnings will come in at $2.87 to $2.96 a share, vs. Wall Street estimates of $2.55 a share and revenues will fall between the range of RMB 1.19 billion to RMB 1.23 billion ($169.7 million to $175.5 million), vs. estimates of $161.9 million. American depositary shares of China Medical, which trade on the Nasdaq, jumped $5.84 to $39.28 on extremely heavy volume.