Chinese ADRs Monthly Update – August 2008

Looking at the following chart of the Dow Jones Industrial Average (^DJI) in August, you can pretty much have an idea of how the stock market was doing last month: Not much! Indeed, though the Dow gained some 165 points for the month, it was as volatile as it has been lately, up 100 points one day, down 100 points the next. And by now, all the gains from last month are already gone and major indices could very well test their July lows this month, despite the sharp decline of oil prices, as I mentioned earlier.

DJIA

When the oil price was going nowhere but up, I heard people were saying that the stock market was held hostage by oil. Now, crude oil has lost nearly 30% in less than two months, I wonder what is holding the stock market hostage.

For the month of August, all three major U.S. indices advanced. The Dow gained 1.46%, the NASDAQ added 1.8% and the broader S&P 500 index climbed 1.17%. Not so lucky for Chinese and Hong Kong stock markets though. In August, the Shanghai Composite Index (^SSEC) resumed its downward spiral after a moderate gain in July and even a successful Olympic Games and an economic stimulus plan considered by the government failed to lift the mood of Chinese investors. For the month, SSEC index posted a sharp decline of 13.64%, while the Hang Seng Index (^HSI) dropped 6.46%.

For Chinese stocks traded on U.S. exchanges, August wasn’t a pretty month as 52 out of 82 Chinese ADRs posted monthly losses. Among the 30 stocks that gained last month, alternative energy stocks rose sharply led by LDK Solar (LDK), which gained 52.24%, followed by Suntech Power (STP) 42.89% and China Sunergy (CSUN) 31.52%. Biggest losers of the month are China Techfaith (CNTF) -57.14%, China Nepstar (NPD) -38.30%, and China Eastern Airlines (CEA) -36.18%. One Chinese ADR, APT Satellite (APPTY.PK) was delisted from NYSE in August.

NameSymbol08/31/08
Price
August
return (%)
YTD
return (%)
3SBioSSRX9.795.84%-34.21%
51JobJOBS11.05-23.32%-38.68%
Acorn internationalATV5.99-16.69%-35.80%
Actions SemiconductorACTS3.120.97%-23.53%
AgriaGRO4.44-0.22%-52.41%
AirMedia GroupAMCN11.96-14.57%-46.56%
Aluminum Corp of ChinaACH22.1-13.03%-56.36%
ATA*ATAI11.81-21.11%24.32%
Baidu.comBIDU313.72-9.63%-19.52%
China Architectural EngineeringRCH8.30.36%-4.05%
China Digital TVSTV9.34-30.19%-65.38%
China Eastern AirlinesCEA20.9-36.18%-78.60%
China Finance OnlineJRJC18.758.13%-14.77%
China GrentechGRRF3.83-7.04%-56.67%
China Life InsuranceLFC57.31.25%-25.10%
China Medical TechCMED45.94-4.13%3.49%
China MobileCHL56.72-15.15%-34.71%
China NepstarNPD4.8-38.30%-72.70%
China Petro & ChemicalSNP97.29-7.55%-34.35%
China Southern AirlinesZNH15.85-29.40%-75.78%
China SunergyCSUN11.3931.52%-31.05%
China TechfaithCNTF1.56-57.14%-73.10%
China TelecomCHA51.03-6.44%-34.64%
China NetcomCN47.77-21.15%-19.58%
China UnicomCHU15.88-22.39%-29.11%
ChinaEduCEDU4.7129.04%-44.59%
City Telecom (HK)CTEL4.753.94%-15.93%
CNinsureCISG13.27-1.70%-17.01%
CNOOCCEO155.765.69%-6.97%
Ctrip.comCTRP50.2811.51%-12.51%
E-HouseEJ9.03-4.85%-62.11%
eLongLONG7.09-2.07%-14.37%
Focus MediaFMCN32.7210.13%-42.40%
Fuqi InternationalFUQI10.7923.17%30.00%
Giant InteractiveGA9.16-1.93%-29.43%
Global SourcesGSOL10.67-22.79%-62.23%
Guangshen RailwayGSH22.4-9.93%-37.15%
Gushan Environmental EnergyGU10.29-14.53%10.05%
Home Inns & HotelHMIN15.911.73%-55.33%
Huaneng PowerHNP306.50%-27.36%
Hurray!HRAY2.87-5.90%-27.89%
Hutchison TelecommHTX18.62-5.00%-17.79%
JA SolarJASO17.8317.53%-23.38%
KongzhongKONG4.125.37%-32.35%
Las Vegas SandsLVS47.414.15%-53.99%
LDK SolarLDK51.2652.24%9.04%
LinktoneLTON1.87.78%-41.75%
Longtop Financial Tech.LFT18.288.36%-22.80%
Melco PBL EntertainmentMPEL6.66.80%-42.91%
Mindray MedicalMR38.89-2.65%-9.49%
Netease.comNTES26.1115.02%37.71%
New Oriental EducationEDU74.15.86%-8.05%
Ninetowns interNINE1.95-7.14%-38.87%
Noah Education*NED4.74-14.75%-41.19%
O2Micro InternationalOIIM5.33.31%-54.07%
Perfect WorldPWRD25.1-5.14%-9.97%
PetroChinaPTR129.2-3.19%-26.37%
QiaoXing Mobile Comm.QXM4.96-11.74%-41.30%
Renesola*SOL18.9520.16%45.77%
Semiconductor ManufacturingSMI2.37-12.22%-54.34%
Shanda InteractiveSNDA26.492.56%-20.40%
Simcere PharmaceuticalSCR138.33%-6.14%
SinaSINA42.64-5.73%-3.75%
SinopecSHI31.3-5.27%-48.74%
Sohu.comSOHU75.3-0.24%38.11%
Solarfun PowerSOLF15.8114.57%-51.58%
Spreadtrum CommunicationsSPRD3.25-31.72%-73.49%
Suntech PowerSTP47.8142.89%-41.92%
The9NCTY18.3-18.16%-14.61%
Tongjitang Chinese MedicineTCM3.66-8.50%-62.84%
Trina SolarTSL32.718.82%-39.22%
UTstarcomUTSI3.26-30.93%18.98%
VanceInfo TechnologiesVIT9.151.55%1.67%
Vimicro InternationalVIMC2.84-3.40%-24.47%
VisionChina MediaVISN18.9-24.52%122.35%
WSP HoldingsWH8.5112.27%-6.48%
Wuxi PharmatechWX17.71-2.26%-39.43%
XinHua Finance MediaXFML2.350.00%-60.83%
Xinyuan Real EstateXIN6.9223.35%-51.37%
Yazhou Coal MiningYZC17.3-3.84%-9.90%
Yingli Green EnergyYGE18.016.82%-53.41%

Two widely held exchange-traded funds (EFTs) investing mainly in China followed the broad market last month. iShares FTSE/Xinhua China 25 Index (FXI) lost 5.67% in August and PowerShares Gloden Dragon Halter USX China (PGJ) had a smaller decline of 3.14%.

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