Thursday's Asia ADR Recap

Crude oil touched a record high of $140 per barrel on the New York Mercantile Exchange Thursday after Libya threatened to cut production. Despite the sharp rise, Chinese alternative energy stocks were hit hard with selling pressure. Shares of China Sunergy(CSUN Quote) fell 16% to $9.20; Trina Solar(TSL Quote) slipped 11% to $33.67; ReneSola(SOL Quote) dipped 9% to $17.34; Suntech Power(STP Quote) lost 7% to $38.45; and JA Solar(JASO Quote) dove 6.8% to $17.85.

Oppenheimer downgraded WuXi Pharma Tech(WX Quote), a leading pharmaceutical, biotechnology and medical device research and development company with operations in China and the U.S., to perform from outperform. Shares of WuXi Pharam fell 1.4% to $20.14 on the news.

China-based specialized motor manufacturer Harbin Electric(HRBN Quote) announced it sold 3.5 million shares at $14.13 each to institutional investors in a private placement, netting the company $49.5 million. The company plans to use the money raised for working capital and corporate purposes, including the financing of a recent acquisition of an industrial rotary motor business. Shares of Harbin moved down 4.1% to $14.81 on above-average volume.

Be sure to check out the Far East Portfolio at Stockpickr.comevery night to find out which stocks in India and China are making big moves and announcing major news.