Chinese ADRs Monthly Update – July 2008
By Sun
July was a volatile month for U.S. stock markets. The Dow Jones Industrial Average started the month with some big losses, even closing below 11,000 for the first time in two year on July 15th. But since then, the index has reclaimed some of the losses after a pair of strong rallies, fueled by declining oil price. For the month, the Dow rose a meager 0.25%, the NASDAQ rose 1.42% and the broader S&P 500 index declined just about 1%. During the month, the Shanghai Composite Index (^SSEC) showed some signs of life, briefly going over the 2,900-point mark early in the month before settling at 2,775.72. That’s a gain of 1.45%. The Hang Seng Index (^HSI) also recovered from the deep drop in June, gaining 2.84% in July.
Chinese stocks traded on U.S. exchanges ended the month mixed. Of the 82 Chinese ADRs, 38 finished the month in the positive territory while the other 44 Among the gainers, VisionChina Media [[VISN]] led the way with a gain of nearly 58% after the company raised its full year guidance. New Oriental Education [[EDU]] also saw a nice jump of 20% in its share price, followed by ATA [[ATAI]] and QiaoXing Mobile Communication [[QXM]]. Losers of the month include Melco PBL Entertainment [[MPEL]] -33.69%, ChinaEDU [[CEDU]] -23.16%, and Giant Interactive [[GA]] -22.94%.
| Name | Symbol | 07/31/08 Price | July Return (%) | YTD Return (%) |
| 3SBio | SSRX | 9.25 | 2.10% | -37.84% |
| 51Job | JOBS | 14.41 | -21.34% | -20.03% |
| Acorn international | ATV | 7.19 | 3.16% | -22.94% |
| Actions Semiconductor | ACTS | 3.09 | -10.43% | -24.26% |
| Agria | GRO | 4.45 | 3.97% | -52.30% |
| AirMedia Group | AMCN | 14 | -3.05% | -37.44% |
| Aluminum Corp of China | ACH | 25.41 | -10.97% | -49.82% |
| APT Satellite | ATS | 1.07 | -21.33% | -50.23% |
| ATA* | ATAI | 14.97 | 15.07% | 57.58% |
| Baidu.com | BIDU | 347.15 | 10.92% | -10.94% |
| China Architectural Engineering | RCH | 8.27 | -15.35% | -4.39% |
| China Digital TV | STV | 13.38 | -3.81% | -50.41% |
| China Eastern Airlines | CEA | 32.75 | 4.50% | -66.47% |
| China Finance Online | JRJC | 17.34 | 13.56% | -21.18% |
| China Grentech | GRRF | 4.12 | -9.65% | -53.39% |
| China Life Insurance | LFC | 56.59 | 8.45% | -26.03% |
| China Medical Tech | CMED | 47.92 | -3.00% | 7.95% |
| China Mobile | CHL | 66.85 | -0.15% | -23.05% |
| China Nepstar | NPD | 7.78 | -10.16% | -55.75% |
| China Petro & Chemical | SNP | 105.24 | 13.30% | -28.99% |
| China Southern Airlines | ZNH | 22.45 | 13.44% | -65.70% |
| China Sunergy | CSUN | 8.66 | 4.72% | -47.58% |
| China Techfaith | CNTF | 3.64 | -13.74% | -37.24% |
| China Telecom | CHA | 54.54 | 0.28% | -30.14% |
| China Netcom | CN | 60.58 | 10.97% | 1.99% |
| China Unicom | CHU | 20.46 | 10.48% | -8.66% |
| ChinaEdu | CEDU | 3.65 | -23.16% | -57.06% |
| City Telecom (HK) | CTEL | 4.57 | 0.88% | -19.12% |
| CNinsure | CISG | 13.5 | -7.60% | -15.57% |
| CNOOC | CEO | 147.38 | -15.07% | -11.98% |
| Ctrip.com | CTRP | 45.09 | -1.51% | -21.54% |
| E-House | EJ | 9.49 | -16.46% | -60.18% |
| eLong | LONG | 7.24 | 1.97% | -12.56% |
| Focus Media | FMCN | 29.71 | 7.18% | -47.70% |
| Fuqi International | FUQI | 8.76 | 0.00% | 5.54% |
| Giant Interactive | GA | 9.34 | -22.94% | -28.04% |
| Global Sources | GSOL | 13.82 | -8.96% | -51.08% |
| Guangshen Railway | GSH | 24.87 | 10.98% | -30.22% |
| Gushan Environmental Energy | GU | 12.04 | 3.61% | 28.77% |
| Home Inns & Hotel | HMIN | 15.64 | -17.73% | -56.09% |
| Huaneng Power | HNP | 28.17 | 1.88% | -31.79% |
| Hurray! | HRAY | 3.05 | -3.48% | -23.37% |
| Hutchison Telecomm | HTX | 19.6 | -7.72% | -13.47% |
| JA Solar | JASO | 15.17 | -9.97% | -34.81% |
| Kongzhong | KONG | 3.91 | 4.83% | -35.80% |
| Las Vegas Sands | LVS | 45.52 | -4.05% | -55.83% |
| LDK Solar | LDK | 33.67 | -11.11% | -28.38% |
| Linktone | LTON | 1.67 | -9.24% | -45.95% |
| Longtop Financial Tech. | LFT | 16.87 | 1.87% | -28.76% |
| Melco PBL Entertainment | MPEL | 6.18 | -33.69% | -46.54% |
| Mindray Medical | MR | 39.95 | 7.05% | -7.03% |
| Netease.com | NTES | 22.7 | 4.18% | 19.73% |
| New Oriental Education | EDU | 70 | 19.82% | -13.14% |
| Ninetowns inter | NINE | 2.1 | 2.44% | -34.17% |
| Noah Education* | NED | 5.56 | 2.96% | -31.02% |
| O2Micro International | OIIM | 5.13 | -22.86% | -55.55% |
| Perfect World | PWRD | 26.46 | 5.88% | -5.09% |
| PetroChina | PTR | 133.46 | 3.57% | -23.94% |
| QiaoXing Mobile Comm. | QXM | 5.62 | 14.00% | -33.49% |
| Renesola* | SOL | 15.77 | -8.84% | 21.31% |
| Semiconductor Manufacturing | SMI | 2.7 | -7.22% | -47.98% |
| Shanda Interactive | SNDA | 25.83 | -4.86% | -22.39% |
| Simcere Pharmaceutical | SCR | 12 | -4.76% | -13.36% |
| Sina | SINA | 45.23 | 6.30% | 2.10% |
| Sinopec | SHI | 33.04 | -3.08% | -45.89% |
| Sohu.com | SOHU | 75.48 | 7.16% | 38.44% |
| Solarfun Power | SOLF | 13.8 | -21.14% | -57.73% |
| Spreadtrum Communications | SPRD | 4.76 | -4.61% | -61.17% |
| Suntech Power | STP | 33.46 | -10.68% | -59.35% |
| The9 | NCTY | 22.36 | -0.97% | 4.34% |
| Tongjitang Chinese Medicine | TCM | 4 | -4.08% | -59.39% |
| Trina Solar | TSL | 27.52 | -10.18% | -48.85% |
| UTstarcom | UTSI | 4.72 | -13.71% | 72.26% |
| VanceInfo Technologies | VIT | 9.01 | 7.01% | 0.11% |
| Vimicro International | VIMC | 2.94 | 3.52% | -21.81% |
| VisionChina Media | VISN | 25.04 | 57.78% | 194.59% |
| WSP Holdings | WH | 7.58 | 7.82% | -16.70% |
| Wuxi Pharmatech | WX | 18.12 | -10.74% | -38.03% |
| XinHua Finance Media | XFML | 2.35 | 0.43% | -60.83% |
| Xinyuan Real Estate | XIN | 5.61 | -7.58% | -60.58% |
| Yazhou Coal Mining | YZC | 17.99 | -3.28% | -6.30% |
| Yingli Green Energy | YGE | 16.86 | 5.90% | -56.39% |
*2008 IPO
Two widely held EFTs that mainly invest in China showed differenet results last month. iShares FTSE/Xinhua China 25 Index (FXI) conducted a 3:1 stock split on July 24th, making it more affordable to small investors. The fund gained 2.36% in July while its competitor, PowerShares Gloden Dragon Halter USX China (PGJ), ended the month flat.
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Sun, somewhat related, Im curious what you think of the state of the yuan market. Ive been reading quite a bit lately that the currency is inflated. What do you think?