Chinese ADRs Monthly Update – May 2008
After rebounding sharply in April, major U.S. stock indices ended May mixed. The Dow lost 181.81 points, or 1.42%, the NASDAQ rose 109.86 points, or 4.55%, and the broader S&P 500 added 14.79 points, about 1.07%.
Chinese stocks listed on U.S. exchanges also had a mixed month. Among the 82 stocks that make up the Chinese ADRs, 32 issues declined for the month, while the other 50 advanced. Biggest winners of May are alternative energy companies such as Solarfun Power (SOLF) which jumped nearly 70% and LDK Solar (LDK) which gained almost 63%. Other gainers include China Architectural Engineering (RCH) and Renesola (SOL). At the other end of the spectrum, XinHua Finance Media (XFML) led the decliners with a drop of 28.67%, followed by ChinaEdu (CEDU) -21.29% and China Mobile (CHL) -14.52%.
The devastating earthquake in Sichuan in early May had affected China’s stock market negatively, though the long-term impact on the whole economy has been considered limited. The Shanghai Composite Index (^SSEC) erased its April gain to post a decline of 7.03% in May, while the Hong Kong’s Hang Seng Index (^HSI) suffered a 4.75% drop.
| Name | Symbol | 05/31/08 Price | May return (%) | YTD return (%) |
| 3SBio | SSRX | 10.82 | 3.54% | -27.28% |
| 51Job | JOBS | 19.67 | 6.90% | 9.16% |
| Acorn international | ATV | 7.93 | 15.60% | -15.01% |
| Actions Semiconductor | ACTS | 3.43 | -11.14% | -15.93% |
| Agria | GRO | 4.82 | 11.32% | -48.34% |
| AirMedia Group | AMCN | 17.52 | -11.78% | -21.72% |
| Aluminum Corp of China | ACH | 43.75 | 2.17% | -13.61% |
| APT Satellite | ATS | 1.55 | 1.31% | -27.91% |
| ATA* | ATAI | 15.1 | 41.52% | 58.95% |
| Baidu.com | BIDU | 345.06 | -5.62% | -11.48% |
| China Architectural Engineering | RCH | 8.82 | 61.83% | 1.97% |
| China Digital TV | STV | 18.22 | 8.05% | -32.47% |
| China Eastern Airlines | CEA | 44.69 | 3.00% | -54.24% |
| China Finance Online | JRJC | 24.57 | 33.17% | 11.68% |
| China Grentech | GRRF | 5 | 5.93% | -43.44% |
| China Life Insurance | LFC | 60.35 | -8.00% | -21.11% |
| China Medical Tech | CMED | 39.43 | 5.43% | -11.17% |
| China Mobile | CHL | 73.79 | -14.52% | -15.06% |
| China Nepstar | NPD | 11.54 | -1.95% | -34.36% |
| China Petro & Chemical | SNP | 100.87 | -6.18% | -31.94% |
| China Southern Airlines | ZNH | 32.08 | -2.31% | -50.99% |
| China Sunergy | CSUN | 11.72 | 42.58% | -29.06% |
| China Techfaith | CNTF | 4.75 | -13.00% | -18.10% |
| China Telecom | CHA | 71.16 | 5.28% | -8.85% |
| China Netcom | CN | 68.5 | 12.20% | 15.32% |
| China Unicom | CHU | 22.79 | 5.66% | 1.74% |
| ChinaEdu | CEDU | 5.51 | -21.29% | -35.18% |
| City Telecom (HK) | CTEL | 4.8 | 6.43% | -15.04% |
| CNinsure | CISG | 15.6341 | 11.27% | -2.23% |
| CNOOC | CEO | 177.29 | -0.15% | 5.89% |
| Ctrip.com | CTRP | 58.38 | -5.93% | 1.58% |
| E-House | EJ | 15 | -10.29% | -37.05% |
| eLong | LONG | 8.09 | -13.66% | -2.29% |
| Focus Media | FMCN | 40.29 | 9.22% | -29.08% |
| Fuqi International | FUQI | 11.28 | 36.73% | 35.90% |
| Giant Interactive | GA | 14.69 | -9.77% | 13.17% |
| Global Sources | GSOL | 15.1 | 8.71% | -46.55% |
| Guangshen Railway | GSH | 25.32 | -12.33% | -28.96% |
| Gushan Environmental Energy | GU | 13.88 | 11.04% | 48.45% |
| Home Inns & Hotel | HMIN | 24.57 | 9.64% | -31.02% |
| Huaneng Power | HNP | 33.74 | 0.27% | -18.31% |
| Hurray! | HRAY | 2.97 | 7.22% | -25.38% |
| Hutchison Telecomm | HTX | 21.82 | 3.66% | -3.66% |
| JA Solar | JASO | 21.27 | -11.41% | -8.59% |
| Kongzhong | KONG | 4.55 | 7.57% | -25.29% |
| Las Vegas Sands | LVS | 69.44 | -8.90% | -32.62% |
| LDK Solar | LDK | 46.05 | 45.09% | -2.04% |
| Linktone | LTON | 2.12 | -1.40% | -31.39% |
| Longtop Financial Tech. | LFT | 19.31 | -3.21% | -18.45% |
| Melco PBL Entertainment | MPEL | 11.89 | -9.92% | 2.85% |
| Mindray Medical | MR | 41.9 | 23.24% | -2.49% |
| Netease.com | NTES | 22.75 | 1.93% | 19.99% |
| New Oriental Education | EDU | 65.75 | -12.40% | -18.41% |
| Ninetowns inter | NINE | 2.6 | 16.59% | -18.50% |
| Noah Education* | NED | 7.18 | 16.54% | -10.92% |
| O2Micro International | OIIM | 8.96 | 19.15% | -22.36% |
| Perfect World | PWRD | 26.97 | -6.09% | -3.26% |
| PetroChina | PTR | 142.55 | -5.68% | -18.76% |
| QiaoXing Mobile Comm. | QXM | 6.19 | -3.73% | -26.75% |
| Renesola* | SOL | 25.08 | 49.73% | 92.92% |
| Semiconductor Manufacturing | SMI | 3.34 | -12.34% | -35.65% |
| Shanda Interactive | SNDA | 32.47 | -5.31% | -2.43% |
| Simcere Pharmaceutical | SCR | 15.41 | 22.40% | 11.26% |
| Sina | SINA | 53.27 | 15.30% | 20.25% |
| Sinopec | SHI | 40.72 | 2.96% | -33.31% |
| Sohu.com | SOHU | 87.52 | 26.60% | 60.53% |
| Solarfun Power | SOLF | 22.8 | 69.77% | -30.17% |
| Spreadtrum Communications | SPRD | 9.4 | 7.92% | -23.33% |
| Suntech Power | STP | 42.54 | -4.90% | -48.32% |
| The9 | NCTY | 25.89 | 20.59% | 20.81% |
| Tongjitang Chinese Medicine | TCM | 8.95 | 9.15% | -9.14% |
| Trina Solar | TSL | 44.94 | 6.54% | -16.47% |
| UTstarcom | UTSI | 4.8 | 47.69% | 75.18% |
| VanceInfo Technologies | VIT | 18.88 | 28.00% | 109.78% |
| Vimicro International | VIMC | 3.21 | -5.31% | -14.63% |
| VisionChina Media | VISN | 18.88 | 28.00% | 122.12% |
| WSP Holdings | WH | 8.37 | 26.44% | -8.02% |
| Wuxi Pharmatech | WX | 20.45 | 10.90% | -30.06% |
| XinHua Finance Media | XFML | 2.96 | -28.67% | -50.67% |
| Xinyuan Real Estate | XIN | 8.85 | -1.99% | -37.81% |
| Yazhou Coal Mining | YZC | 109.21 | 17.84% | 12.52% |
| Yingli Green Energy | YGE | 20.58 | -6.58% | -46.77% |
*2008 IPO
Amid turmoils in the U.S. credit market and sharp decline of Chinese stocks, Chinese companies have stayed away from going public in the U.S. According to IPO Homes, there has been no Chinese IPO offer in the past four months.
For the month, two widely held EFTs that mainly invest in China went different ways last month. iShares FTSE/Xinhua China 25 Index (FXI) dropped 4.15% in May and PowerShares Gloden Dragon Halter USX China (PGJ) posted a modest gain of 2.49%.
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