Friday's Asia ADR Recap

The Shanghai Composite Index plunged 153.42 points, or 5.29%, to 2,748.43, and Hong Kong's Hang Seng Index dropped 413.32 points, or 1.8%, to 22,042.35. Here's a look at how some China-based American depositary shares traded in the U.S. on Friday.

China's largest wireless operator China Mobile(CHL Quote) said that talks with Apple Computer(AAPL Quote) have cleared a major hurdle in its efforts to bring the iPhone into China. Rainie Lei, a spokeswoman for China Mobile, said that Apple is no longer asking for a revenue-sharing model but that there are practical issues that still need to be worked out, including a timetable for when the iPhone would debut in mainland China. American depository shares of China Mobile, which trade on the NYSE, moved up 34 cents to $66.38.

Chinese vertically integrated and specialty pharmaceutical company Tongjitang Chinese Medicines(TCM Quote) announced that its CEO and chairman of the board, Mr. Xiaochun Wang, and Yongcun Chen, a director at the firm, have withdrawn their proposal to acquire outstanding shares of the company. The duo cited the weakness in the credit markets for their reason to pull the offer of $10.20 per ADR. Shares of Tongjitang dropped 3.4% go $6.65.

Chinese alternative energy company Yingli Green Energy(YGE Quote) announced it has closed four new sales contracts with two German photovoltaic companies at the Intersolar 2008 Technology Trade Fair. The company said it inked a deal with Conergy AG to supply them with 7 megawatts of PV modules in 2008 and 50 megawatts of PV in 2009. Yingli also signed two deals with GeckoLogic GmbH for the delivery of 4 megawatts of PV modules between September 2008 and December 2008 and 3 megawatt of PV between October 2008 and March 2009. Shares of Yingli fell 9.1% to $16.16.