When
Prime Minister Wen Jiabao travels abroad, he goes prepared bearing billions
of dollars worth of business deals and a wave of approvable attention from
critical foreign investors. The Prime Minister Wen recently toured
Greece as a strategic push into Europe. Analysts say Beijing aspires
to accomplish not just more business, but also greater
influence over the economic policies set in the power corridors of Brussels
and Germany.
China's aim is snapping up assets depressed by the global financial
crisis and becoming a significant ally of other hard-hit European nations.
Such moves could give China a bigger presence in the European chain of
distribution and production, while allowing it to build a track record
in European to support its position on currency issues and in trade affairs
at the World Trade Organization.
The China 100 Stock Index closed the week at 1,003.22
+34.34 (3.54%). Asia Cork, Inc., leads the gainers
up (35.71%). Cninsure Inc.
was the biggest loser down (15.84%).
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Biggest Gainers For The Week
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Asia Cork, Inc.
(AKRK)
closed this week with a bullish gain of +35.71%.
The groundwork has paid off for the company when deciding earlier this
year to broaden
share ownership among the company's top executives and board members,
which have helped to facilitate a public offering.
With a +23.96%
gain, Orient Paper Inc. (ONP),
the leading manufacturer and distributor of diversified paper products
recently issued
a press release producing an update of their independent investigation
which has made substantial development and is now in its final stage.
The company expects to complete the final portion of the investigation
and submit results of the investigation to the Board of Directors within
weeks.
China Valves
Technology, Inc. (CVVT)
finshed this week up +22.41% after
announcing that they'll be hosting a conference call at 9:00 a.m. (Eastern
Standard Time) on Wednesday, November 10, 2010 to discuss its financial
results for the third quarter ended September 30, 2010. Mr. Jianbao
Wang, Chief Executive Officer and Mr. Renrui Tang, interim Chief
Financial Officer, will be hosting the call.
Another double digit
gainer for the second week in a row is The9 Limited (NCTY)
up +20.27%. The Chinese online
game operator and developer's main
source of profitability came from operating World of Warcraft for
internet cafes in China and continues to reap promising numbers.
China Marine Food
Group Limited (CMFO)
finished with a gain of +15.20%.
The manufacturer of seafood-based snack foods has appointed
BDO China Li Xin Da Hua, as the Company's new independent registered accounting
firm. BDO China and China Marine signed a letter of engagement
on October 29, 2010. The company also announced Wednesday that they
will hold a conference call to discuss its financial outcome for the quarter
three and nine month results ending September 30, 2010.
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Biggest Losers For The Week
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The largest drop
amongst the bearish companies is Cninsure Inc. (CISG)
with a loss of -15.84%. The leading
independent insurance intermediary company, announced Thursday that it
will release
its financial results for the third quarter 2010 shortly after
the close of the U.S. financial markets on November 22, 2010.
With a -12.26%
decline, Yayi International Inc. (YYIN)
has yet to gain the confidence of investors by proving goat milk is a winner
at the 4th China Quality Food Expo and the 2010 China Tianjin
International Food Trade Fair. The leading producer and distributor
of premium goat milk formula products showcased
their variety of "Milk Goat" branded goat milk products, including
three new goat milk products catered towards infants, toddlers and young
children.
China Shenghuo
Pharmaceutical Holdings Inc. (KUN)
experienced a drop of -12.24%.
The company is still recovering after receiving
that deficiency letter last month from the NYSE Amex LLC stating
that, as a result of losses from continuing operations and net losses in
two out of its three most recent fiscal years, the Company is no longer
in compliance with Section 1003 of the AMEX's Company Guide. Ouch!
The letter also states that to maintain its AMEX listing, the Company must
submit a plan of compliance by October 22, 2010. No sign of the game
plan yet.
This was a bearish
week for Tiens Biotech Group USA Inc. (TBV)
with a loss of -8.57% after appointing
the daughter of the Chairman, Chief Executive Officer, President and Acting
Chief Financial Officer of the Company, Jinyuan Li.
Tiens Biotech Group, Inc. choose Baolan Li to the board of directors
of the company just last month. It doesn't take rocker science to
apprehend why this doesn't sit well in the stomach of shareholders.
Ctrip.com International
Ltd. (CTRP)
closes out the losers list with a -8.46%
decline. It seems that promising investors have priced in a much
more aggressive growth rate which will be challenging for CTRP
to meet in terms of expectations. There is a compelling amount of
ambiguity in China surrounding growth rates, currency stability and plenty
of other affairs as well.