 China's biggest developers are borrowing record amounts in Honk Kong taking advantage of lower interest rates to avoid a lending crackdown at home. Banks in China are demanding at least 5.2 % in annual interest for three to five years while the cost of credit in Honk Kong has fallen over the last few years. According to reports the China Overseas Land & Investment Ltd agreed to an $1.03 billion loan in February from Honk Kong. “For property developers to keep growing in what is an extremely fragmented and competitive market they have to go offshore” for funds, said Brayan Lai a credit analyst at Credit Agricole CIB in Hong Kong. “It’s one way to circumvent tight onshore credit.”
Amidst growing concern over the crisis in Europe the China 100 Stock Index fell by 2.58% to end the day at 939.54 points. This meant a fall of 24.84 points over the course of the day. A few stocks however managed to weather the storm and post decent returns. At the top of the lost of daily gainers was China Agritech (CAGC). The stock gained 3.42 % to end the day at $15.10. The company is involved in manufacturing and selling organic liquid compound fertilizer. The stock faces a resistance at the level of $20.
Synutra International (SYUT) stood at the second place in the list of daily gainers. The stock has seen a lot of upward movement lately and is facing a resistance at $24.5 levels. The company is a leading manufacturer of infant formula in China. The company has been able to resolve a product liability lawsuit in the US recently. China Biologic Products (CBPO) also made handsome gains in the stock market clocking a 2.82% increase to close the day at $12.04. The company is involved in the research, development, production and manufacturing of plasma based pharmaceuticals in China. The stock faces a resistance at $12.5.
Tiens Biotech (TBV) also posted handsome gains for the day closing at $2.22. The stock gained 2.78% over the previous close. China 3C (CHCG) also had an impressive run in the market posting a gain of 2.56% to end the day at $0.40.
Along with the daily gainer the markets also witnessed stocks shedding a few points. Telestone Technologies (TSTC) lost around 9.44% to end the day at $11.90. LDK Solar (LDK) also lost 9.08% to end the day at $6.91. China Automotive Systems (CAAS) lost 8.70% to close at $19.32. L&L International Holdings (LLEN) also lost around 8.36% to close the day at $10.09. Melco Crown Entertainment (MPEL) lost 7.17% to close the day at $4.27.
| TOP GAINERS |
|---|
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China Agritech Inc. (CAGC) |
15.10 |
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0.50 / + 3.42% |
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Synutra International Inc. (SYUT) |
24.28 |
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0.77 / + 3.28% |
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China Biologic Products, Inc. (CBPO) |
12.04 |
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0.33 / + 2.82% |
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Tiens Biotech Group USA Inc. (TBV) |
2.22 |
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0.06 / + 2.78% |
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China Kangtai Cactus Bio (CKGT) |
2.23 |
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0.06 / + 2.76% |
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| TOP LOSERS |
|---|
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Telestone Technologies Corp. (TSTC) |
11.90 |
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1.24 / - 9.44% |
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LDK Solar Co., Ltd. (LDK) |
6.91 |
|
0.69 / - 9.08% |
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China Automotive Systems Inc. (CAAS) |
19.32 |
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1.84 / - 8.70% |
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L & L International Holdings (LLEN) |
10.09 |
|
0.92 / - 8.36% |
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China America Holdings, Inc. (CAAH) |
0.03 |
|
0.00 / - 7.41% |
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 China Agritech Inc. (CAGC) files 8-K - Current report. CHINA AGRITECH, INC. :On April 29, 2010, China Agritech, Inc. (the "Company") issued a press release announcing that in connection with the previously announced public offering of 1,243,000 shares of common stock, Rodman & Renshaw, LLC, the underwriter, exercised its over-allotment option for the issuance and sale of an additional 186,450 shares of the Company's common stock. The exercise of the over-allotment option brings the total number of shares sold by the Company in connection with the offering to 1,429,450 and the total gross proceeds received in connection with the offering to approximately $23.0 million.
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 China Pharma Holdings, Inc. (CPHI) files DEF 14C - Other definitive information statements. CHINA PHARMA HOLDINGS, INC.:The accompanying Information Statement is being furnished to the holders of shares of the Common Stock of China Pharma Holdings, Inc. (the "Company"), a Delaware corporation. The Board of Directors (the "Board") is not soliciting your proxy and you are requested not to send us a proxy. The purpose of this Information Statement is to notify you of actions already approved by written consent of a majority of the voting stockholders and the Board. To increase the total number of shares which the Company is authorized to issue from SIXTY MILLION (60,000,000) shares to One Hundred MILLION (100,000,000) shares, NINETY FIVE MILLION (95,000,000) shares of which shall be Common Stock and FIVE MILLION (5,000,000) shares of which shall be created as Preferred Stock.
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 LDK Solar Co., Ltd. (LDK) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. LDK SOLAR CO., LTD.:LDK Solar Co., Ltd., will release financial results for our first quarter 2010 ended Mach 31, 2010, after the market closes on Monday, May 10, 2010. We will host a corresponding conference call and live webcast at 5:00 p.m. Eastern Time the same day. A live webcast of the call will be available on our investor relations website at investor.ldksolar.com.
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 Lihua International, Inc. (LIWA) files DEF 14A - Other definitive proxy statements. Lihua International, Inc.:All stockholders are cordially invited to attend the meeting. Whether or not you expect to attend, you are respectfully requested by the board of directors to sign, date and return the enclosed proxy card promptly. Stockholders who execute proxies retain the right to revoke them at any time prior to the voting thereof. A return envelope which requires no postage if mailed in the United States is enclosed for your convenience.
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 Melco Crown Entertainment Ltd. (MPEL) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Melco Crown Entertainment Limited:Holders of American Depositary Receipts ("ADRs") representing ordinary shares, par value US$0.01 per share (the "Deposited Securities") of Melco Crown Entertainment Limited (the "Company") are hereby notified of the Company's Annual General Meeting of shareholders. A copy of the Notice of Meeting from the Company, which includes the agenda for such meeting, is attached.
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China Agritech Announces Closing of $23 Million Public Offering of Common Stock. China Agritech:China Agritech, Inc., (Nasdaq:CAGC - News) ("China Agritech" or the "Company"), a leading organic compound fertilizer manufacturer and distributor in China, announced today that it has closed its previously announced public offering of 1,243,000 shares of common stock. On April 29, 2010, Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM - News), acting as the sole book running manager of the offering, exercised its over-allotment option to purchase an additional 186,450 shares of common stock, increasing the size of the offering to an aggregate of 1,429,450 shares of common stock. Total gross proceeds from the offering and over-allotment were approximately $23.0 million. |
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 CNOOC Ltd. Closes Joint Venture Deal with BEH. CNOOC Ltd.:CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO; SEHK: 00883) and Bridas Energy Holdings ("BEH") announced today that both parties have completed the formation of a 50/50% joint venture in Bridas Corporation ("Bridas").The transaction was signed on March 13, 2010. Upon completion, CNOOC Ltd. paid a consideration of approximately USD $3.1 billion.
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 Giant Interactive Group Inc. Schedules 2010 First Quarter Earnings Release on Monday, May 17, 2010. Giant Interactive Group Inc.:Giant Interactive Group Inc. (NYSE: GA) ("Giant" or the "Company"), one of China's leading online game developers and operators, announced today that it will release unaudited financial results for the first quarter ended March 31, 2010 after the US market closes on May 17, 2010.
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 Zhongpin Inc. to Host First Quarter 2010 Earnings Conference Call on Monday, May 10, 2010. Zhongpin Inc.:Zhongpin Inc. ("Zhongpin", Nasdaq: HOGS), a leading meat and food processing company in the People's Republic of China, today announced that it will host its first quarter 2010 earnings conference call and live webcast at 8:00 a.m. Eastern Daylight Time on Monday, May 10, 2010 (which is 8:00 p.m. in China on the same day).Zhongpin Inc. is a meat and food processing company that specializes in pork and pork products, fruits, and vegetables in China. Its distribution network in China covers 20 provinces plus Beijing, Shanghai, Tianjin, and Chongqing and includes more than 3,000 retail outlets. Zhongpin's export markets include the European Union and Southeast Asia
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 ReneSola Announces a Change in Its First Quarter 2010 Earnings Conference Call Start Time; Call Now Scheduled to Begin at 8:00 am U.S. Eastern Time on May 10, 2010. ReneSola Ltd ("ReneSola" or the "Company") (NYSE:SOL - News) (AIM: SOLA), a leading global manufacturer of solar wafers, today announced the Company will hold its first quarter 2010 earnings conference call on Monday, May 10, 2010 at 8 am U.S. Eastern Daylight Time / 8 pm Beijing/Hong Kong time / 1 pm British Summer Time, instead of one hour later as previously announced.
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