Monday's Asia ADR Recap

"The market is still in a downward trend and investors are worried that the oil price rise will push up inflation," said Zhang Xiuqi, a market analyst for Guotai Junan Securities.

The Shanghai Composite Index slipped 71.32 points, or 2.5%, to 2,760.42. and Hong Kong's Hang Seng Index dropped 30.64 points, or 0.1%, to 22,714.86. Here's a look at how some China-based American depositary shares traded in the U.S. on Monday.

According to TradingMarkets.com, China's leading search engine Baidu.com(BIDU Quote) signed up three large record companies on June 19 to the Baidu Digital Music League. The company has formed partnerships with EEG, Shanghai Huayi Group and Ocean Butterflies Best Hits Karaoke and been granted the copyrights of their MP3, MV and vocal concerts. American depositary shares of Baidu.com, which trade on the Nasdaq, traded off 1.2% to $318.86.

Citigroup raised its price target for Chinese Internet media company Sohu.com(SOHU Quote) from $80 to $90 and upped its 2009 earnings estimates from $3.24 to $3.60, citing strong growth for online gaming, which will drive revenues and earnings in 2009. Citigroup said the stock's drop on Friday was an overreaction to an article from Reuters that said Sohu's online adverting would slow year over year in 2009. The firm said Sohu is one of the best fundamentally positioned names for the next two quarters.

Merrill Lynch also defended Sohu and reiterated its buy rating and $95 price target. The company said Sohu has been communicating for a few months that a slowdown in ad growth for 2009 is to be expected. Shares of Sohu surged 5.4% to $75.83 on above-average volume.