China Investment Daily Report

AgFeed Industries (FEED) surged in anticipation of good news



China 100 Stock Index closes 1,054.66, up up +8.54 (0.81%). Asia Cork (AKRK) leads Dragon Undervalued Index up +0.07 (17.00%). Trina Solar (TSL) was the biggest loser of Panda Large Cap Index -1.37 (5.25%).

 
 

Top Stock Gainer AKRK Asia Cork Inc
Top Stock Gainer TSL Trina Solar Ltd.
As one of the top gainers today, AgFeed Industries (FEED) had another gain of 4.92% to close at $4.96 on strong volume of 2.0 million shares, representing a 6.45% of the float. The company yesterday announced that a press conference would be held in NASDAQ MarketSite next Wednesday, April 14, 2010, sending its shares up 1.85% in yesterday’s session. The surges might be from an anticipation of good news in the upcoming conference. Among other gainers, Biostar Pharmaceuticals (BSPM) shares gradually climbed back from a previous low and jumped 5.32% for the day partially due to a positive commentary, Biostar: Best Small-Cap Pharma Stock, published by Rick Pearson at TheStreet.com. The stock currently has a resistance level located at $4.24.

Lihua International (LIWA) today announced that the underwriters of its public offering have exercised their over-allotment option, resulting in the issuance of an additional 559,006 common shares. The option was granted in connection with the public offering of 3.7 million common shares at a price of $8.05 per share, expected to close on April 14, 2010. Total gross proceeds of $34.5 million will be used for the construction of a new smelting facility and general working capital purpose. The stock bounced back from previous losses and closed at today’s high of $9.24, breaking above its 50-day moving average, with a gain of 14.50%. Total volume traded today accounted 3.5 million, nearly tenfold its regular trading volume, or approximately 41% of the float. LIWA has a resistance level located at $9.32.

Asia Cork (AKRK) shares have been volatile recently. The stock rebounded 17.00% in today’s trading following a 14.53% huge drop yesterday. This is a thin volume stock with a 3-month average trading volume of only 17,000 shares. Shares of 51job (JOBS) broke through the recent resistance and jumped 6.11% on slightly more than the recent average volume.

Chinese solar stocks in the China 100 Stock Index overall had a tough day as oil prices fell for a third day in a row, dipping below $85 a barrel. Trina Solar (TSL) gave back its previous gain and down 5.25% on average volume. Following TSL, ReneSola (SOL) too pulled back from recent surge. Shares hit a high of $7.00 but ended at $6.42 by the close with a loss of 5.03% on recent average trading volume. Shares of Solarfun Power Holdings (SOLF) set a high of $9.00 amid trading but edged down 4.83% before the closing bell on recent average volume. TSL, SOL, and SOLF are currently trading above their 50-day and 200-day moving averages. LDK Solar (LDK) slightly gave back yesterday’s huge gain, down 3.93% to close at $7.33 on slightly above its average trading volume.

Among other Chinese solar stocks in the Index with relatively smaller loss in terms of percentage, Suntech Power Holdings (STP) shares were down 2.33%, Ja Solar Holdings (JASO) shares dropped 2.27%, and Yingli Green Energy Holdings (YGE) slipped 0.40%. As one of the top losers of the day, SinoHub (SIHI) pulled back from yesterday’s rally, ending 3.55% lower to close back at $2.99. This is a relatively thin volume with a recent trading volume of 100,000 shares. SIHI has a support level located at $2.90.

TOP GAINERS
Asia Cork Inc (AKRK) 0.47 0.07 Stock Price Increase 0.07 / + 17.50%
Lihua International, Inc. (LIWA) 9.24 1.17 Stock Price Increase 1.17 / + 14.50%
51job Inc. (JOBS) 19.10 1.10 Stock Price Increase 1.10 / + 6.11%
Biostar Pharmaceuticals, Inc. (BSPM) 4.16 0.21 Stock Price Increase 0.21 / + 5.32%
AgFeed Industries, Inc. (FEED) 4.69 0.22 Stock Price Increase 0.22 / + 4.92%
TOP LOSERS
Trina Solar Ltd. (TSL) 24.75 -1.37 Stock Price Decrease 1.37 / - 5.25%
ReneSola Ltd. (SOL) 6.42 -0.34 Stock Price Decrease 0.34 / - 5.03%
Solarfun Power Holdings Co. Ltd. (SOLF) 8.47 -0.43 Stock Price Decrease 0.43 / - 4.83%
LDK Solar Co., Ltd. (LDK) 7.33 -0.30 Stock Price Decrease 0.30 / - 3.93%
SinoHub, Inc. (SIHI) 2.99 -0.11 Stock Price Decrease 0.11 / - 3.55%

SEC Filings

Friday, April 09, 2010


 

SORL Auto Parts, Inc. (SORL) files DEF 14A - Other definitive proxy statements. The 2010 annual meeting of stockholders of SORL Auto Parts, Inc. will be held on May 27, 2010, beginning at 8:00 p.m. local time (China Standard Time) at Ruihong Room, Ruili Business Hotel, No.188, Wansongdong Road, Ruian City, Zhejiang Province, Zip 325200, China. Only holders of record of shares of our common stock at the close of business on April 1, 2010 (the “Record Date”) are entitled to vote at the meeting and any postponements or adjournments of the meeting. Below are proposals to be voted on at the annual meeting:

 

China Life Insurance Co. Ltd. (LFC) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. The sixth meeting (the “Meeting”) of the third session of the Board of Directors of the Company (the “Board”) was held on April 7, 2010 at the conference room located at A1801 of the China Life Plaza. The directors were notified of the Meeting by way of a written notice dated March 30, 2010. All of the Company’s 11 directors attended the Meeting in person, including Yang Chao, Chairman and executive director of the Company, Wan Feng, Lin Dairen and Liu Yingqi, executive directors of the Company, Miao Jianmin, Shi Guoqing and Zhuang Zuojin, non-executive directors of the Company, Ma Yongwei, Sun Changji and Bruce D. Moore, independent directors of the Company. Sun Shuyi, independent director of the Company, participated in the Meeting via conference call. Supervisors and the management of the Company also attended the Meeting as non-voting delegates. The time, venue and the manner in which the Meeting was convened are in accordance with the Company Law of the People’s Republic of China (the “PRC”) and the provisions under relevant laws, administrative regulations, departmental rules, the Company’s Articles of Association (the “AOA”) and Rules of Procedure for the Board.

 

Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Hsinchu, Taiwan, R.O.C. — April 9, 2010 — TSMC (TWSE: 2330, NYSE: TSM) today announced its net sales for March 2010: on an unconsolidated basis, net sales were approximately NT$30.82 billion, an increase of 5.6 percent over February 2010 and an increase of 126.3 percent over March 2009. Revenues for January through March 2010 totaled NT$89.18 billion, an increase of 137.4 percent compared to the same period in 2009.

 

China Valves Technology, Inc. (CVVT) files 8-K - Current report. On April 8, 2010, Henan Tonghai Fluid Equipment Co., Ltd., a Chinese corporation (the “Subsidiary”), a wholly-owned subsidiary of China Valves Technology, Inc. (the “Company”), acquired 100% assets of Shanghai Pudong Hanwei Valve Co., Ltd. (“Hanwei Valve”), for a total cash consideration of U.S. $21 million pursuant to an Asset Transfer Agreement, dated April 8, 2010, among the Subsidiary and the equity owners of Hanwei Valve (the “ Asset Transfer Agreement”). The Company issued a press release on April 9, 2010 announcing the acquisition of Hanwei Valve. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

 

Sohu.com Inc. (SOHU) files 8-K - Current report. On April 9, 2010, Sohu.com Inc. (“Sohu”) entered into an employment agreement with Ms. Carol Yu, Sohu’s Co-President and Chief Financial Officer, following the expiration of her existing agreement. Under the terms of Ms. Yu’s employment agreement, she will be entitled to receive (i) an annual base salary of $300,000 and (ii) an annual housing allowance of $100,000 and will be eligible for an annual discretionary cash bonus equal to up to 50% of her annual base salary. Ms. Yu will also be eligible to participate in Sohu’s share incentive plans and will receive health, life and disability insurance. If Ms. Yu terminates her employment with Sohu for good reason or if her employment is terminated by Sohu without cause, she will be entitled to receive severance benefits, including (i) her monthly base salary for the lesser of six months following termination and the remainder of the term of the employment agreement, (ii) health care coverage for up to six months following termination, and (iii) payment of an annual bonus for the remainder of the year in which termination occurs to the extent that the bonus would have been earned had employment continued through the end of the year. Unless sooner terminated by either Ms. Yu or Sohu, Ms. Yu’s employment agreement will expire on March 7, 2013.

 

Lihua International, Inc. (LIWA) files 424B5 - Prospectus [Rule 424(b)(5)]. This is a firm commitment public offering of 3,726,709 shares of our common stock. Our common stock is traded on the NASDAQ Capital Market under the symbol “LIWA.” On April 7, 2010, the closing price of our common stock was $8.25 per share.

 

Ctrip.com International Ltd. (CTRP) files SC 13D - General statement of acquisition of beneficial ownership. On March 31, 2010, pursuant to the subscription agreement (the “Subscription Agreement”) by and between Ctrip and the Company, the Company sold and issued to Ctrip 7,202,482 Shares at a purchase price of $3.0625 per share in a private placement.

 

Lihua International, Inc. (LIWA) files 8-K - Current report. On April 8, 2010, Lihua International, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Rodman & Renshaw, LLC, as representative of the several underwriters, which includes Chardan Capital Markets, LLC and Brean Murray, Carret & Co., LLC (the “Underwriters”), related to a public offering of 3,726,709 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a price of $8.05 per share, less a 5% underwriting commission. The total gross proceeds of the offering will be approximately $30 million, and net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $28 million.

 

New Energy Systems Group (NEWN) files 8-K - Current report. On April 7, 2010 the Board of Directors of New Energy Systems Group (the “Company”) appointed Junfeng Chen (current Chief Financial Officer of the Company) as Secretary of the Company. Mr. Chen does not hold any other directorships with reporting companies in the United States. There are no family relationships between Mr. Chen and the directors, executive officers, or persons nominated or chosen by the Company to become directors or executive officers. During the last two years, there have been no transactions, or proposed transactions, to which the Company was or is to be a party, in which Mr. Chen (or any member of his immediate family) had or is to have a direct or indirect material interest.

 

Featured News and Commentary

Friday, April 09, 2010


 

Brean Murray, Carret & Co. Initiates Coverage of the China Automotive Industry. NEW YORK, April 9 /PRNewswire/ -- Brean Murray, Carret & Co. (BMC) yesterday launched research coverage of the China auto parts industry. In the report, Senior Analyst Fawne Jiang notes that the company has a favorable view on the China auto industry, and believes that it is well positioned to benefit from multiple positive secular trends: strong GDP growth, continued infrastructure build-out, increased penetration of private ownership, improving personal income, and urbanization. BMC picks in the space include SORL Auto Parts (SORL), Wonder Auto Technology (WATG), and China Automotive Systems (CAAS).

 

CDC Games Launches East Fantasy. ATLANTA & BEIJING--(BUSINESS WIRE)--CDC Games, a business unit of CDC Corporation (NASDAQ: CHINA) and a pioneer of the “free-to-play, pay for merchandise” model for online games in China, announced today the commercial launch of its new local game, East Fantasy Online.

 

China Valves Technology, Inc. Completes the Acquisition of Shanghai Pudong Hanwei Valve Co., Ltd.. KAIFENG and ZHENGZHOU, China, April 9 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (Nasdaq:CVVT - News) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that on April 8, 2010, the Company completed the acquisition of Shanghai Pudong Hanwei Valve Co., Ltd. ("Hanwei Valve"), a Shanghai-based valve manufacturer with several patents for high-tech valve specifications in the petrochemical and bioengineering industries, for approximately $21 million.

 

The Pomerantz Firm Reminds Fuqi International, Inc. Investors of Class Action Lawsuit -- FUQI. NEW YORK, April 9, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors that a class action lawsuit was filed in the United States District Court, Southern District of New York, against Fuqi International, Inc. ("Fuqi" or the "Company"), (Nasdaq:FUQI - News) and certain of its top officials. The class action (10-CV-2639) was filed on behalf of purchasers of the securities of the Company between May 15, 2009 and March 16, 2010, both dates inclusive, (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.

 

Zhongpin to Open New Premium Pork Oil Plant on April 12, 2010. CHANGGE and BEIJING, April 9 /PRNewswire-Asia-FirstCall/ -- Zhongpin Inc. ("Zhongpin", Nasdaq: HOGS), a leading meat and food processing company in the People's Republic of China, today announced that it will open its new premium pork oil plant on April 12, 2010. The new plant is located within the Zhongpin Food Industrial Park in Changge, Henan province, China.

 

Lihua International Announces Exercise of Over-Allotment Option Bringing Total Gross Proceeds from Public Offering to $34.5 Million. DANYANG, China, April 9 /PRNewswire-Asia/ -- Lihua International, Inc., (Nasdaq:LIWA - News) ("Lihua" or the "Company"), a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper superfine and magnet wire, as well as copper rod products, today announced that the underwriters of its public offering of common stock have exercised their over-allotment option, which will result in the issuance of an additional 559,006 common shares. The option was granted in connection with the public offering of 3,726,709 common shares at a public offering price of $8.05 per share, which is expected to close on April 14, 2010, subject to customary closing conditions. The Company intends to use the majority of the proceeds from this offering for the construction of a new smelting facility, which is expected to accelerate the production of refined copper products. Construction of this new facility is expected to begin in the fourth quarter of this year. Any remaining proceeds will be used for general working capital purposes.

Get China Stock Picks and China Stock News
China 100 Stock Index
The China 100 Stock Index closed Friday, April 09, 2010:
1,054.88 8.63 Stock Price Increase8.63 (0.82 %)
Asia Cork Inc (AKRK) led the Gainers closing 4/9/2010:
0.47 0.07 Stock Price Increase0.07 (17.50 %)

Trina Solar Ltd. (TSL) was the Index biggest loser closing 4/9/2010:
24.75 1.37 Stock Price Decrease1.37 (5.25 %)

 

China Large Cap Stock Index
The China Vesting Large Cap Stock Index (Panda) closed Friday, April 09, 2010:
1,073.72 9.71 Stock Price Increase9.71 (0.91 %)
Longtop Financial Technologies Limited (LFT) led the Index closing 4/9/2010:
37.85 1.60 Stock Price Increase1.60 (4.41 %)

Trina Solar Ltd. (TSL) was the Index biggest loser closing 4/9/2010:
24.75 1.37 Stock Price Decrease1.37 (5.25 %)

 

China Mid and Small Cap Stock Index
The China Vesting Small and Mid Cap Stock Index (Tiger) closed Friday, April 09, 2010:
1,064.06 7.48 Stock Price Increase7.48 (0.71 %)
Lihua International, Inc. (LIWA) led the Index closing 4/9/2010:
9.24 1.17 Stock Price Increase1.17 (14.50 %)

ReneSola Ltd. (SOL) was the Index biggest loser closing 4/9/2010:
6.42 0.34 Stock Price Decrease0.34 (5.03 %)

 

China Undervalued Stock Index
The China Vesting Undervalued Stock Index (Dragon) closed Friday, April 09, 2010:
1,014.93 9.75 Stock Price Increase9.75 (0.97 %)
Asia Cork Inc (AKRK) led the Index closing 4/9/2010:
0.47 0.07 Stock Price Increase0.07 (17.50 %)

Solarfun Power Holdings Co. Ltd. (SOLF) was the Index biggest loser closing 4/9/2010:
8.47 0.43 Stock Price Decrease0.43 (4.83 %)