General Steel Holdings (GSI) followed gaining 23.7% after recording 100% year-over-year increase in its second-quarter revenue to $1 billion. The company's net loss narrowed to $1.5 million, or 3 cents per share, from a net loss of $2.1, or 4 cents per share, in the same quarter in 2010. Gross profit for the quarter increased approximately 280% year-over-year to $28 million.
China Information Technology (CNIT) rose 13.8% this past week. TheStreet Ratings rated a hold on CNIT after the company recorded significantly positive second-quarter results. Also, it was known that the company's chief executive agreed to revise the terms of his $5 million loan to the company, allowing the loan's repayment to be converted into the company's shares. The CEO believes in the company's long-term growth outlook and has approved the loan amendment.
Leading the pack of losers was AsiaInfo-Linkage (ASIA), down 30.8%. VanceInfo Technologies (VIT) plunged 24% last week after missing its second-quarter estimate. VIT recorded second-quarter earnings per share of 21 cents versus the consensus estimate of 23 cents. Moreover, for the third quarter and full year 2011, the company's earnings per share guidance were lower than expected.
Sorl Auto Parts (SORL) erased 18.1% at close last week, after its third-quarter guidance fell below analysts' estimates. For 2011 third quarter, it expects net sales of $45 million and net income of $3.6 million. However, analysts estimate SORL to record revenue of $52 million and net profit of $4.47 million.E-House (China) Holdings (EJ) dipped 15.2% at close last week after reporting a loss for 2011 second quarter. For the quarter, the company recorded net loss of $6.7 million, or 8 cents per American Depositary Share (ADS), compared to net income of $6.7 million, or 8 cents per ADS, in the year-ago quarter.