NEW YORK ( TheStreet) -- 10 China ADRs outperformed the Shanghai Composite Index and S&P 500 Index over the past week. These top 10 performers registered double-digit gains; in comparison Shanghai Composite Index gained 1.4% and S&P 500 Index declined 0.7%.
Among these top 10 China ADRs, China Techfaith Wireless Communication Technology (CNTF) soared 17.7% during the past week after the company reported a 62% increase in its second-quarter profit. Revenue increased 32% to $65.5 million as compared to the same period a year ago led by sale of 691,000 mobile products. For the third quarter, the company predicts revenue in the range of $66 million to $68 million.
Another ADR in the telecommunications space that accumulated gains was GuangZhou Global Telecom (GZGT), which was up 17.6%.
Duoyuan Global Water (DGW) gained 15.0% after the company swung to net profit of $11.1 million or 45 cents per share as compared to a net loss of $25.1 million or 24 cents recorded in the year ago quarter. Also, revenue surged 37% to $43.3 million above analyst estimates of $40.9 million. On August 19, Rodman & Renshaw reassigned the rating of market outperform to the stock with target price of $30 reflecting an upside of 24.8%.China VOIP & Digital Telecom (CVDT) was up 12.5% during the past week. China Digital TV Holding (STV) was up 11.8% during the week after the company recorded a 31.1% increase in revenue to $19.1 million from the same period a year ago. During the quarter, the company shipped 3.61 million smart cards, a record for quarterly shipments in the company's operating history. On Aug. 19, Credit Suisse reassigned the outperform rating to the stock by raising the target price to $9.90 from $9.40. Netease.com (NTES) increased 10.1% after the leading Chinese internet service provider reported a 3.9% rise in profits to $71.55 million in the second quarter mainly led by fast advancement of online games and advertisement services. On Aug. 20, Credit Suisse reassigned its neutral rating on the stock by raising its target price to $36.80 from $34 on August 18. Airmedia Group (AMCN) escalated 10% after the company registered a 53% increase in revenue to $56.3 million. Fushi Copperweld (FSIN) increased 10.7%. Other China ADRs like Euro Tech Holdings (CLWT) and China Green Agriculture (CGA) increased 12.1% and 10.9%, respectively. Among the other emerging markets, Brazil's Bovespa Index and India's Nifty Index accumulated 1.4% each during the past week, similar to Shanghai Composite Index.
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