Monday's Asia ADR Recap: VisionChina

Chinese independent oil and gas exploration and production company CNOOC(CEO Quote) announced it has inked an agreement to obtain liquefied natural gas, or LNG, from French oil and gas company Total(TOT Quote). Under the terms of the deal, Total will supply one million tonnes of LNG per year starting in 2010. Shares of CNOOC declined 62 cents at $167.08.

Sterne Agee started coverage on Chinese operator of out-of-home advertising networks VisionChina Media(VISN Quote) with a buy rating. In a note to clients, a Sterne Agee analyst said: "There are significant potential expansion opportunities in the LCD display network and [the]company's business model is poised to drive robust results in the long term." Shares of VisionChina finished essentially flat at $16.84.

Sterne Agee also initiated coverage on Chinese digital media network operator AirMedia Group(AMCN Quote), with a buy rating and $21 price target. The firm believes that AirMedia Group will benefit from further penetration in secondary cities, the emerging frame business and price increases in bigger markets. Shares of AirMedia lost 2.3% to $15.98.

An intraday record high for crude oil prices and heavy short covering helped to take up shares in Chinese solar stocks on Monday. Shares of Solarfun Power Holdings(SOLF Quote) traded up 15% to $21.59; ReneSola(SOL Quote) ripped higher by 12% to $20; China Sunergy(CSUN Quote) blasted up 10% to $12.01; JA Solar Holdings(JASO Quote) rose 7.8% to $20.97; and LDK Solar(LDK Quote) jumped 7.2% to $40.97.

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.