Chinese ADRs Monthly Update – March 2008
Another month has passed and there was still no sign of a bottom for Chinese stocks traded on US exchanges. In fact, March was a pretty bad month for Chinese ADRs, with 60 of the 87 stocks I tracked ending the month in the red. Among the losers, China Finance Online (JRJC), which is a component of PowerShares Gloden Dragon Halter USX China (PGJ), saw the steepest decline of 34.50%, followed by Xinyuan Real Estate (XIN)’s 31.79% drop. The biggest winner in March was JA Solar (JASO) which recovered most of its 38% loss in February. Other gainers include China Nepstar (NPD), Gushan Environmental Energy (GU), and Global Sources (GSOL). The picture is even gloomier if you look at these stocks’ YTD returns. Of the 87 stocks, only 5 (GU, VISN, UTSI, LONG, and NTES) are in the positive territory at the end of March.
In March, Hong Kong’s Hang Seng Index (^HSI) lost 1,482.47 points, or 6.09%, and Shanghai Composite Index (^SSEC) declined 875.83 points. That’s more 20% drop in just one month!
| Name | Symbol | 03/31/08 Price |
March return |
YTD return |
| 3SBio | SSRX | 8.74 | 6.98% | -41.26% |
| 51Job | JOBS | 16.25 | -10.47% | -9.82% |
| Acorn international | ATV | 7.62 | -23.03% | -18.33% |
| Actions Semiconductor | ACTS | 2.9698 | -17.50% | -27.21% |
| Agria | GRO | 8.35 | 2.45% | -10.50% |
| AirMedia Group | AMCN | 15.9 | -11.37% | -28.95% |
| Aluminum Corp of China | ACH | 40.43 | -16.98% | -20.16% |
| APT Satellite | ATS | 1.54 | -8.88% | -28.37% |
| ASAT Holdings | ASTTY | 0 | 0 | 0 |
| ATA* | ATAI | 8.86 | -13.98% | -7.23% |
| Baidu.com | BIDU | 239.63 | -4.66% | -38.52% |
| China Architectural Engineering | RCH | 5.45 | -6.84% | -36.99% |
| China Digital TV | STV | 18.73 | -14.59% | -30.58% |
| China Eastern Airlines | CEA | 51.4 | -17.81% | -47.37% |
| China Finance Online | JRJC | 13.9 | -34.50% | -36.82% |
| China Grentech | GRRF | 5.12 | -26.12% | -42.08% |
| China Life Insurance | LFC | 52.06 | -10.37% | -31.95% |
| China Medical Tech | CMED | 41.09 | -10.67% | -7.43% |
| China Mobile | CHL | 75.01 | 0.52% | -13.65% |
| China Nepstar | NPD | 13.6 | 23.52% | -22.64% |
| China Petro & Chemical | SNP | 85.98 | -21.44% | -41.98% |
| China Southern Airlines | ZNH | 39.65 | -20.06% | -39.42% |
| China Sunergy | CSUN | 7.3 | 3.54% | -55.81% |
| China Techfaith | CNTF | 5.48 | -7.12% | -5.52% |
| China Telecom | CHA | 62.83 | -14.41% | -19.52% |
| China Netcom | CN | 57.99 | -5.29% | -2.37% |
| China Unicom | CHU | 21.27 | 0.19% | -5.04% |
| ChinaEdu | CEDU | 6.63 | -16.08% | -22.00% |
| City Telecom (HK) | CTEL | 4.48 | -7.25% | -20.71% |
| CNinsure | CISG | 11.53 | -9.21% | -27.89% |
| CNOOC | CEO | 146.79 | -11.45% | -12.33% |
| Ctrip.com | CTRP | 53.02 | -12.54% | -7.74% |
| E-House | EJ | 13.15 | -19.13% | -44.82% |
| eLong | LONG | 8.53 | -0.93% | 3.02% |
| Focus Media | FMCN | 35.15 | -30.22% | -38.13% |
| Fuqi International | FUQI | 7.13 | -7.52% | -14.10% |
| Giant Interactive | GA | 12.65 | 21.52% | -2.54% |
| Global Sources | GSOL | 14.85 | 21.72% | -47.43% |
| Guangshen Railway | GSH | 26.3 | -18.32% | -26.21% |
| Gushan Environmental Energy | GU | 13.07 | 22.72% | 39.79% |
| Home Inns & Hotel | HMIN | 19.69 | -27.42% | -44.72% |
| Huaneng Power | HNP | 30.54 | -6.03% | -26.05% |
| Hurray! | HRAY | 2.76 | -17.61% | -30.65% |
| Hutchison Telecomm | HTX | 21.51 | 8.36% | -5.03% |
| JA Solar | JASO | 18.6 | 30.16% | -20.07% |
| Kongzhong | KONG | 4.33 | -31.70% | -28.90% |
| Las Vegas Sands | LVS | 73.64 | -11.60% | -28.54% |
| LDK Solar | LDK | 27 | -5.53% | -42.57% |
| Linktone | LTON | 2.7 | -21.97% | -12.62% |
| Longtop Financial Tech. | LFT | 18.88 | -2.68% | -20.27% |
| Melco PBL Entertainment | MPEL | 11.38 | -5.99% | -1.56% |
| Mindray Medical | MR | 28.94 | -21.14% | -32.65% |
| Netease.com | NTES | 19.21 | -10.44% | 1.32% |
| New Oriental Education | EDU | 64.86 | 4.03% | -19.52% |
| Ninetowns inter | NINE | 2.34 | -13.01% | -26.65% |
| Noah Education* | NED | 5.56 | -8.10% | -31.02% |
| O2Micro International | OIIM | 7.73 | -10.01% | -33.02% |
| Perfect World | PWRD | 22.71 | -15.98% | -18.54% |
| PetroChina | PTR | 125.31 | -14.65% | -28.59% |
| QiaoXing Mobile Comm. | QXM | 6.01 | -13.90% | -28.88% |
| Renesola* | SOL | 11.36 | 6.87% | -9.19% |
| Semiconductor Manufacturing | SMI | 3.51 | -13.12% | -32.37% |
| Shanda Interactive | SNDA | 29.1 | -12.03% | -12.56% |
| Simcere Pharmaceutical | SCR | 10.46 | -0.10% | -24.48% |
| Sina | SINA | 35.25 | -14.88% | -20.43% |
| Sinopec | SHI | 34.99 | -24.90% | -42.70% |
| Sohu.com | SOHU | 45.13 | 0.11% | -17.22% |
| Solarfun Power | SOLF | 12.06 | 3.61% | -63.06% |
| Spreadtrum Communications | SPRD | 8.7 | 15.38% | -29.04% |
| Suntech Power | STP | 40.56 | 9.12% | -50.73% |
| The9 | NCTY | 20.5 | -4.74% | -4.34% |
| Tongjitang Chinese Medicine | TCM | 8.22 | 11.38% | -16.55% |
| Trina Solar | TSL | 30.74 | -3.24% | -42.86% |
| UTstarcom | UTSI | 2.84 | 0.71% | 3.65% |
| VanceInfo Technologies | VIT | 6.08 | -25.12% | -32.44% |
| Vimicro International | VIMC | 2.7496 | -15.40% | -26.87% |
| VisionChina Media | VISN | 11.08 | 5.83% | 30.35% |
| WSP Holdings | WH | 6.9 | -2.82% | -24.18% |
| Wuxi Pharmatech | WX | 22.36 | -6.83% | -23.53% |
| XinHua Finance Media | XFML | 3.16 | -22.17% | -47.33% |
| Xinyuan Real Estate | XIN | 8.39 | -31.79% | -41.04% |
| Yazhou Coal Mining | YZC | 71.03 | -13.68% | -26.82% |
| Yingli Green Energy | YGE | 17.1 | 1.36% | -55.77% |
*2008 IPO
No new Chinese ADR was offered in March. In stead, one stock, ASAT Holdings, was delisted from the NASDAQ and is currently traded on AMEX under the symbole ASTTY at $0.20 a share.
For widely held EFTs that mainly invest in China, iShares FTSE/Xinhua China 25 Index (FXI) lost $10.09, or 6.95% in March, and PowerShares Gloden Dragon Halter USX China (PGJ) dropped $2.76, or 9.96%.
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