Tuesday's Asia ADR Recap

"Business is turning negative and this may undermine economic growth from the micro level," said Zhang Liqun, an economist with the Development Research Centre, a think tank under China's cabinet.

The Shanghai Composite Index lost 84.50 points, or 3.09%, to 2,651.61. The Shanghai Index is now down over 48% this year, making it the worst performing stock market in the world. Hong Kong's equity markets were closed today due to a public holiday. Here's a look at how some China-based American depositary shares traded in the U.S. on Tuesday.

According to the Shanghai Securities News, China's leading search engine Baidu.com(BIDU Quote) has entered into a mobile search partnership with Finish handset maker Nokia(NOK Quote). The newspaper, run by the official Xinhua News Agency, said Baidu will provide a mobile search platform for Nokia's Widsets service, which has over 4 million subscribers in China and 10 million worldwide. The platform will be preloaded in tens of millions of Nokia mobile phones this year. American depository shares of Baidu, which trade on the Nasdaq, jumped 1.5% to $317.69.

Giant Interactive(GA Quote), a Chinese online gaming company, announced it has inked a deal to acquire redeemable preferred shares that represent a 25% stake in leading Chinese online social networking service provider Five One Network Development, or 51.com, for around $51 million. 51.com has around 120 million registered users as of June 15, 2008, and gets around 31.5 million monthly unique visitors. Shares of Giant Interactive dropped 3.3% to $11.72.

Elsewhere in the Chinese online gaming complex, shares of Sohu.com(SOHU Quote) rose 6.2% to $74.87; NetEase.com(NTES Quote) advanced 1% to $22; and Shana Interactive Entertainment(SNDA Quote) fell 4.7% to $25.85.