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.
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.
| Name | Symbol | 08/31/08 Price | August return (%) | YTD return (%) |
| 3SBio | SSRX | 9.79 | 5.84% | -34.21% |
| 51Job | JOBS | 11.05 | -23.32% | -38.68% |
| Acorn international | ATV | 5.99 | -16.69% | -35.80% |
| Actions Semiconductor | ACTS | 3.12 | 0.97% | -23.53% |
| Agria | GRO | 4.44 | -0.22% | -52.41% |
| AirMedia Group | AMCN | 11.96 | -14.57% | -46.56% |
| Aluminum Corp of China | ACH | 22.1 | -13.03% | -56.36% |
| ATA* | ATAI | 11.81 | -21.11% | 24.32% |
| Baidu.com | BIDU | 313.72 | -9.63% | -19.52% |
| China Architectural Engineering | RCH | 8.3 | 0.36% | -4.05% |
| China Digital TV | STV | 9.34 | -30.19% | -65.38% |
| China Eastern Airlines | CEA | 20.9 | -36.18% | -78.60% |
| China Finance Online | JRJC | 18.75 | 8.13% | -14.77% |
| China Grentech | GRRF | 3.83 | -7.04% | -56.67% |
| China Life Insurance | LFC | 57.3 | 1.25% | -25.10% |
| China Medical Tech | CMED | 45.94 | -4.13% | 3.49% |
| China Mobile | CHL | 56.72 | -15.15% | -34.71% |
| China Nepstar | NPD | 4.8 | -38.30% | -72.70% |
| China Petro & Chemical | SNP | 97.29 | -7.55% | -34.35% |
| China Southern Airlines | ZNH | 15.85 | -29.40% | -75.78% |
| China Sunergy | CSUN | 11.39 | 31.52% | -31.05% |
| China Techfaith | CNTF | 1.56 | -57.14% | -73.10% |
| China Telecom | CHA | 51.03 | -6.44% | -34.64% |
| China Netcom | CN | 47.77 | -21.15% | -19.58% |
| China Unicom | CHU | 15.88 | -22.39% | -29.11% |
| ChinaEdu | CEDU | 4.71 | 29.04% | -44.59% |
| City Telecom (HK) | CTEL | 4.75 | 3.94% | -15.93% |
| CNinsure | CISG | 13.27 | -1.70% | -17.01% |
| CNOOC | CEO | 155.76 | 5.69% | -6.97% |
| Ctrip.com | CTRP | 50.28 | 11.51% | -12.51% |
| E-House | EJ | 9.03 | -4.85% | -62.11% |
| eLong | LONG | 7.09 | -2.07% | -14.37% |
| Focus Media | FMCN | 32.72 | 10.13% | -42.40% |
| Fuqi International | FUQI | 10.79 | 23.17% | 30.00% |
| Giant Interactive | GA | 9.16 | -1.93% | -29.43% |
| Global Sources | GSOL | 10.67 | -22.79% | -62.23% |
| Guangshen Railway | GSH | 22.4 | -9.93% | -37.15% |
| Gushan Environmental Energy | GU | 10.29 | -14.53% | 10.05% |
| Home Inns & Hotel | HMIN | 15.91 | 1.73% | -55.33% |
| Huaneng Power | HNP | 30 | 6.50% | -27.36% |
| Hurray! | HRAY | 2.87 | -5.90% | -27.89% |
| Hutchison Telecomm | HTX | 18.62 | -5.00% | -17.79% |
| JA Solar | JASO | 17.83 | 17.53% | -23.38% |
| Kongzhong | KONG | 4.12 | 5.37% | -32.35% |
| Las Vegas Sands | LVS | 47.41 | 4.15% | -53.99% |
| LDK Solar | LDK | 51.26 | 52.24% | 9.04% |
| Linktone | LTON | 1.8 | 7.78% | -41.75% |
| Longtop Financial Tech. | LFT | 18.28 | 8.36% | -22.80% |
| Melco PBL Entertainment | MPEL | 6.6 | 6.80% | -42.91% |
| Mindray Medical | MR | 38.89 | -2.65% | -9.49% |
| Netease.com | NTES | 26.11 | 15.02% | 37.71% |
| New Oriental Education | EDU | 74.1 | 5.86% | -8.05% |
| Ninetowns inter | NINE | 1.95 | -7.14% | -38.87% |
| Noah Education* | NED | 4.74 | -14.75% | -41.19% |
| O2Micro International | OIIM | 5.3 | 3.31% | -54.07% |
| Perfect World | PWRD | 25.1 | -5.14% | -9.97% |
| PetroChina | PTR | 129.2 | -3.19% | -26.37% |
| QiaoXing Mobile Comm. | QXM | 4.96 | -11.74% | -41.30% |
| Renesola* | SOL | 18.95 | 20.16% | 45.77% |
| Semiconductor Manufacturing | SMI | 2.37 | -12.22% | -54.34% |
| Shanda Interactive | SNDA | 26.49 | 2.56% | -20.40% |
| Simcere Pharmaceutical | SCR | 13 | 8.33% | -6.14% |
| Sina | SINA | 42.64 | -5.73% | -3.75% |
| Sinopec | SHI | 31.3 | -5.27% | -48.74% |
| Sohu.com | SOHU | 75.3 | -0.24% | 38.11% |
| Solarfun Power | SOLF | 15.81 | 14.57% | -51.58% |
| Spreadtrum Communications | SPRD | 3.25 | -31.72% | -73.49% |
| Suntech Power | STP | 47.81 | 42.89% | -41.92% |
| The9 | NCTY | 18.3 | -18.16% | -14.61% |
| Tongjitang Chinese Medicine | TCM | 3.66 | -8.50% | -62.84% |
| Trina Solar | TSL | 32.7 | 18.82% | -39.22% |
| UTstarcom | UTSI | 3.26 | -30.93% | 18.98% |
| VanceInfo Technologies | VIT | 9.15 | 1.55% | 1.67% |
| Vimicro International | VIMC | 2.84 | -3.40% | -24.47% |
| VisionChina Media | VISN | 18.9 | -24.52% | 122.35% |
| WSP Holdings | WH | 8.51 | 12.27% | -6.48% |
| Wuxi Pharmatech | WX | 17.71 | -2.26% | -39.43% |
| XinHua Finance Media | XFML | 2.35 | 0.00% | -60.83% |
| Xinyuan Real Estate | XIN | 6.92 | 23.35% | -51.37% |
| Yazhou Coal Mining | YZC | 17.3 | -3.84% | -9.90% |
| Yingli Green Energy | YGE | 18.01 | 6.82% | -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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