Bloomberg News

Chinese Stocks in the U.S.: CDC Tumbles; PetroChina, Trina Gain

October 05, 2011

Oct. 5 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, advanced 2.5 percent to 352.75. The New York Stock Exchange China Index increased 1.8 percent to 212.77. Markets in China are closed this week for a holiday.

The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.

CDC Corp. (CHINA US), a business software service provider, plunged 52 percent to a record low of 42 cents before trading was halted. The company yesterday filed a petition for bankruptcy protection from creditors in the U.S. Bankruptcy Court in Atlanta, according to its regulatory filing to the Securities and Exchange Commission today. CDC listed $377.4 million in assets and $250.2 million in debt as of June 30 in Chapter 11 documents submitted to the court.

Solar panel inventories built up during a second-quarter slowdown are now largely depleted because of higher demand in the second half of the year, said Martin Simonek, a solar analyst at the London-based Bloomberg New Energy Finance. He said sales of solar panels may decline for the first time in 2012 after “significant” drops in subsidies in key European markets. Demand may gain in 2013, when cheaper panels make solar energy competitive in more sunny nations and developing economies, Simonek said.

Suntech Power Holdings (STP US), the world’s largest maker of solar panels, jumped 16 percent to $2.38.

Trina Solar Ltd. (TSL US), China’s largest solar panel maker by market capitalization, leaped 16 percent to a one-week high of $7.53.

JinkoSolar Holding Co. (JKS US), a manufacturer of solar cells and modules, gained 11 percent to a two-week high of $6.36.

JA Solar Holdings Co. (JASO US), the world’s largest solar- cell maker by capacity, soared 11 percent to $1.89.

Yingli Green Energy Holding Co. (YGE US), China’s fifth- largest maker of solar modules, soared 14 percent to $3.73, the highest since Sept. 16.

Oil futures rose the most in almost five months in New York after a U.S. Energy Department report showed an unexpected supply decline and U.S. companies added more jobs than expected last month.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, rose 3.6 percent, the most in a week, to $155.82.

PetroChina Co. (PTR US) the nation’s biggest oil producer, added 3.3 percent to $120.61.

--Editors: Marie-France Han, Glenn J. Kalinoski

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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