Thursday's Asia ADR Recap: China Unicom

William Blair & Company started coverage on E-House(EJ Quote), a Chinese real estate services company, with an outperform rating and aggressive growth company profile. The firm predicted that the company could earn 81 cents a share for 2008 and $1.13 a share for 2009. Shares of E-House rose 7 cents to $11.68.

Chinese leader in the design, engineering, fabrication and installation of high-end building envelope systems, China Architectural Engineering(CAEI Quote), announced it has appointed Miu Cheung, managing director and head of the structured finance group at CITIC Capital Holdings, to its board of directors. Cheung brings 14 years of experience in investment banking, corporate finance and investment management to the board. Shares of China Architectural Engineering dove 11% to $9.05.

Deutsche Bank raised its rating on China Unicom(CHU Quote), a telecommunications and Internet service provider, from sell to hold. In a note to clients the firm said, "Concerns over integration now seem discounted, but little upside expected during due diligence phase. China Unicom shares have plummeted 25% since resuming trading on June 2nd, this against a 2% decline in the Hang Seng index over the same period." Shares of China Unicom surged 5.3% to $18.42.

Elsewhere in the Chinese telecommunications sector, Beijing-based AsiaInfo(ASIA Quote) announced it has won a contract with China Telecom(CHA Quote) to develop an Operational Data Store system for both Xinjinag Telecom and Northern Telecom, the northern division of China Telecom that operates in nine provinces in Northern China. AsiaInfo's Operation Data Store systems will help China Telecom better understand its customers behavior and help examine customer information from a single view. Shares of AsiaInfo traded up 2.7% to $13.13 and shares of China Telecom advanced 2.5% to $59.13.