China stocks dropped on figures showing that Chinese growth slowed in the second quarter

The National Statistics Bureau reported Thursday that China's gross domestic product, the broadest measure of economic output, grew 10.3 percent in the second quarter, compared with an increase of 11.9 percent during the first quarter. China’s economy has slowed and it is expected to continue at a slow pace for the rest of the year as the government took measures to ward off inflation and rein in a runaway property market. Production dropped to 13.7 percent in June from 16.5 percent in May.

The China 100 stock index lost 5.67 points or 0.67% to 835.28. The Panda China Large Cap Stock Index dropped 3.96 points or 0.40% to close at 988.46. The Tiger China Small & Mid Cap Stock Index lost 7.29 points or 0.88% to close at 820.25 and the Dragon China Undervalued Stock Index lost 4.38 points or 0.62% to close at 698.69.

Chinese Internet media company Sina Corp.(SINA) jumped the most in eight months in New York after Susquehanna upgraded the shares to “positive” from “neutral” and said the company’s microblogging network, Sina Weibo, will expand to as many as 120 million users by 2012. Sina added more than 50 advertisement customers during the World Cup, said Guan Duhong, Chief Operation Officer of the company. Sina climbed 8.35 percent to $39.72, the biggest gain since Nov. 17. Susquehanna’s target price is $50 per share.

China Mass Media Corp. (CMM) [1.81, 0.13, -6.70%] a leading media company in China, today announced that it would further delay the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2009 (the “2009 Annual Report”). The Company had previously filed for an automatic extension of the filing deadline until July 15, 2010 pursuant to Rule 12b-25 of the United States Securities Exchange Act of 1934.

The delay is due to the fact that the Company requires additional time to obtain further confirmation from its customer CCTV to assess the appropriateness of the revenue that was previously recognized by the Company in the three-month period ended June 30, 2009 in the amount of RMB 14.6 million (US$2.1 million) relating to the special events services the Company provided to CCTV in 2008. The Company is working diligently to obtain such further confirmation, complete the assessment and file the 2009 Annual Report as soon as possible. Pending the completion of its assessment, the Company cannot estimate at this time whether any adjustments to previously announced financial results will be required.

Because the Company has delayed its filing of the 2009 Annual Report, it anticipates that it may receive a notice from the New York Stock Exchange that it did not timely file the 2009 Annual Report. The Company expects that this notice will be issued in accordance with standard NYSE procedures and that the notification will not have an immediate effect on the listing of the Company’s American depositary shares.

China Direct Industries, Inc. (CDII) [1.21, 0.02, +1.68%] a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution of basic materials, announced today that its board of directors has approved the acquisition of an 80% interest in Taiyuan Ruiming YiWei Magnesium Industry Co., Ltd. from Pine Capital Enterprises, Inc. and Taiyuan Yiwei Magnesium Industry Co., Ltd. for a combination of cash and stock of approximately $6.6 million. In addition, Pine Capital and Yiwei Magnesium are entitled to receive an additional RMB 5.5 million (approximately $808,824) in cash or 622,172 shares of its common stock if Ruiming Magnesium achieves gross revenues of at least RMB 100 million (approximately $14.7 million) during its fiscal year ending September 30, 2011 with EBITDA of no less than RMB 1,200 per metric ton of goods produced during that fiscal year.

The China National Offshore oil Corporation (CEO) [160.65, 3.16, -1.93%] is eyeing Argentina and other Latin American countries for oil and gas development. CNOOC will facilitate this through a joint venture set up in March this year with Bridas Energy Holdings [BEH] of Argentina, said Fu Chengyu, president of CNOOC during a meeting with Julio de Vido, Argentinean minister of planning and development. Fu said cooperation between CNOOC and BEH would increase the business link between China and Argentina, as well as with other countries in Latin America.

CNinsure Inc. (CISG) [24.37, 0.66, -2.64%] a leading independent insurance intermediary company operating in China, today announced its previously announced public offering of 4,600,000 American depositary shares ("ADSs"), each representing 20 ordinary shares of the Company, was closed on July 14, 2010. CNinsure received net proceeds of approximately $109.6 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

The offering was made under CNinsure's currently effective shelf registration statement on Form F-3 filed with the Securities and Exchange Commission on July 7, 2010. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer; solicitation or sale would be unlawful. The Company's registration statement on Form F-3 and final prospectus supplement may also be obtained from the Securities and Exchange Commission's website.

Trina Solar (TSL) [21.98, 0.18, +0.83%] an integrated manufacturer of solar photovoltaic modules has named Sean Tzou as the company's chief strategy officer and Gary Yu as senior vice president of operations. Mr Tzou served as the company's COO from March 2007 until June 2010. The new position will allow Mr Tzou, who assumed responsibilities as the head of global sales and marketing in August 2009, to focus on key strategic growth areas including sales team management, channel optimization and brand enhancement and promotion. He will continue to serve as a director on Trina Solar's board of directors.

Tongxin International Ltd. (TXIC) [4.71, 0.06, -1.26%] a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs") regrets to inform its shareholders that it is unable to publish its Audited Consolidated Financial Statements for the year ended December 31, 2009 within the extended timeframe of July 15, 2010. The Company is in the process of obtaining adequate documentation to support and determine the appropriate accounting treatment of certain related-party transactions of approximately US $7.7 million with a related party, Meihua Bus. Tongxin will file audited financial statements as soon as they become available.