Monday's Asia ADR Recap
Elsewhere in the Chinese alternative energy sector, Canadian Solar (CSIQ) announced it has inked a ten-year supply deal with China-based LDK Solar (LDK). The new deal is in addition to a three-year deal signed in October 2007. Under the terms of the new agreement, LDK Solar will supply an additional 800 megawatts of solar wafers to Canadian Solar up until 2018. Delivery will start in July 2009 of around 40 megawatts and about 80 megawatts annually in 2010 going forward. Shares of LDK Solar fell 4.8% to $37.88 and Canadian Solar lost 19 cents to $40.19.
Shares of LJ International (JADE), a Chinese company that designs, brands, markets, distributes and retails a range of fine jewelry, plunged 14% after the company reported a weak first-quarter revenue report. The company said first-quarter profits were $1.1 million, or 6 cents per share, vs. $600,000, or 3 cents per share. Revenues dove sharply by 11% to $30.4 million, vs. $34.1 million for the same period last year. Shares of LJ International lost 48 cents to $2.79 on above-average volume.
Shares of E-House Holdings (EJ), a leading real estate service company in China, jumped 8% after the company reaffirmed its guidance for second-quarter revenues of $41 million to $44 million, vs. Wall Street estimates of $42.4 million. The company said that despite a weak transaction environment for the Chinese real estate market following the earthquake that rocked Sichuan Province, it still expects its revenues to hit its previous guidance as they expand their business cycle and market share. Shares of E-House climbed 86 cents to $11.36.
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