The Institute for Supply Management announced its index tracking service-oriented companies slid to 53.8 in June from 55.4 in May. However it continues to grow but a slow pace as a reading above 50 indicates expansion, while a reading below 50 indicates shrinkage. Service-oriented jobs include those in hospitals, shops, restaurants, airlines, schools, construction, banks and consulting firms, among others, which represent 80 percent of U.S. employment.
"It's consistent with the general tone of data, suggesting that the pace of growth is a little more moderate. It's certainly not suggestive of the double-dip scenario that some people are pushing," said Charles Lieberman, at Advisors Capital Management. New orders also fell, to 54.4 in June, the lowest this year, from 57.1 the previous month. Export orders dropped to 48 in June, the lowest since February, from 53.5 in May.
Despite another bad economic report after weeks of disappointing economic reports major US stock indices posted small gains Tuesday while the China 100 stock index lost 7.64 points or 0.96% to 788.38. The Panda China Large Cap Stock Index won 6.14 points or 0.65% to close at 954.45. The Tiger China Small & Mid Cap Stock Index lost 12.37 points or 1.63% to close at 748.47 and the Dragon China Undervalued Stock Index fell 13.42 points or 1.92% to close at 685.67.
Juniper Networks said that the Shanghai Branch of China Telecom (CHA) [49.78, 2.74, +5.82%] has deployed its multi-chassis routing system in a production environment. Juniper said that China Telecom can continue scaling the core of its super metro area network in Shanghai and support Expo 2010, with the implementation of the Juniper Networks TX Matrix Plus, interconnecting Juniper Networks T1600 Core Routers. China Telecom can scale its Shanghai core network as needed with addition of more line cards including Juniper Networks' new 100GbE interface.
The Australian government recently decided to reduce the tax for mining industry, including iron ore and coal, from 40 percent to 30 percent. However, the rising production costs will still affect operation on such companies as Yanzhou Coal Mining Co., Ltd. (YZC) [19.73, 1.81, +5.40%] conducting coal exploration in Australia.Yanzhou Coal acquired Felix Resource, an Australian-based coal company, in the 2009.
JA Solar Holdings Co., Ltd. (JASO) [5.35, 0.27, +5.31%] a leading manufacturer of high-performance solar power products, today announced the results of the Company's annual general meeting of shareholders, held on June 30, 2010 in Shanghai, China. JA Solar has entered into an agreement to acquire 100 percent of the shares of Shanghai Jinglong Solar Technology Co., Ltd. from Ningjin Jinglong PV Investment Co., Ltd., a company controlled by JA Solar’s Chairman, Mr. Baofang Jin.
JA Solar is to supply solar modules to MEMC Electronic Materials starting this quarter. JA Solar has been pushing beyond its core solar cell business into a more vertically integrated structure with module production. MEMC, meanwhile, acquired solar project developer SunEdison last year to drive its effort to push out beyond its core solar wafer-making business.
AsiaInfo Holdings, Inc. (ASIA) [22.54, 0.88, +4.06%] entered into an Executive Employment Agreement, an Employment Contract, and a Confidentiality and Non-Competition Agreement with its President and Chief Executive Officer, Mr. Steve Zhang. Pursuant to the Employment Agreements, Mr. Zhang will continue to serve as the Chief Executive Officer of the Company for a three-year term, which will be automatically extended for an additional three years unless either the Company or Mr. Zhang provides the other party with 90 days prior written notice that the term will not be so extended. Mr. Zhang will receive an annual base salary in an amount determined by the Company's Board of Directors, which may be increased (but not decreased) as may be determined annually by the Compensation Committee of the Board in its sole discretion.
China National Offshore Oil Corporation, CNOOC, (CEO) [168.12, 1.62, +0.97%] China's largest offshore oil and gas producer, is to start test drill of a well in northern Kenya this week to determine the quantity and quality of natural gas. CNOOC is to bring equipment to the Boghal well in the country, in which natural gas flows were found earlier this year. According to the report, CNOOC firstly wanted to explore crude oil in the region, but it then changed its mind to focus on natural gas reserves instead.
Uganda's government has approved Heritage Oil Ltd.'s sale of its Uganda assets to Tullow Oil PLC and the entrance of Total SA and China National Offshore Oil Company (CEO) into a partnership with Tullow to develop oil discoveries, officials at Tullow and Heritage said Tuesday. Tullow agreed in January to purchase Heritage's half-share in two oil licenses for $1.35 billion in cash plus up to $150 million extra dependent on certain conditions being met within two years. The deal will briefly give Tullow 100% of the three Lake Albert licenses, but it has agreed to quickly sell on a third of these licenses to both Total SA and Cnooc.
CNinsure Inc. (CISG) [26.78, 0.62, +2.37%] a leading independent insurance intermediary company operating in China, today announced the acquisition of an additional 45% equity interest in Henan Zhongrui Insurance Agency Co., Ltd. ("Henan Zhongrui"), an insurance agency primarily engaged in the distribution of life insurance products in Henan Province. Following the completion of the transaction, CNinsure's total shareholdings in Henan Zhongrui will be increased to 55% from the 10% it previously held.
Under the agreement with the selling shareholder, the total consideration for the acquisition is subject to downward adjustment, and CNinsure's shareholdings in Henan Zhongrui will be adjusted upwards if the agency fails to fulfill the guaranteed targets related to premiums written and net income. The transaction is expected to close in the third quarter of 2010, subject to certain consents, authorizations and other customary closing conditions.
China Kangtai Cactus Biotech Inc. (CKGT) [1.42, 0.04, -2.74%] a vertically integrated grower, developer, manufacturer and marketer of a variety of cactus-based products in China, announced today that it has entered into a definitive assets purchase agreement to acquire the assets of Raoping County Dadi Tobacco Trade Center. Pursuant to a definitive equity transfer agreement signed on June 28, 2010, the RMB 35 million (approximately $5.1 million) acquisition includes a building, equipment, a warehouse and established brands in Guangdong province and Macao. Dadi is a tobacco product manufacturer and wholesaler of commodity, hardware and electric equipment, it manufactures tobacco cigarettes in Guangdong province and Macao and sells them under its own brand name mainly throughout Southeast Asia including The Philippines, Taiwan and Myanmar; part of them are also sold to China.
| TOP GAINERS |
|---|
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E-House (China) Holdings Limited (EJ) |
14.80 |
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0.86 / + 6.17% |
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China Telecom Corp. Ltd. (CHA) |
49.78 |
|
2.74 / + 5.82% |
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Yanzhou Coal Mining Co. Ltd. (YZC) |
19.73 |
|
1.01 / + 5.40% |
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JA Solar Holdings Co., Ltd. (JASO) |
5.35 |
|
0.27 / + 5.31% |
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AsiaInfo-Linkage,Inc. (ASIA) |
22.54 |
|
0.88 / + 4.06% |
|
| TOP LOSERS |
|---|
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China America Holdings, Inc. (CAAH) |
0.01 |
 |
0.00 / - 20.00% |
|
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China Housing and Land Development, Inc. (CHLN) |
1.96 |
|
0.34 / - 14.78% |
|
|
Yanglin Soybean Inc. (YSYB) |
1.98 |
|
0.32 / - 13.91% |
|
|
Ctrip.com International Ltd. (CTRP) |
32.81 |
|
5.26 / - 13.82% |
|
|
Universal Travel Group (UTA) |
5.31 |
|
0.62 / - 10.46% |
|
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 Biostar Pharmaceuticals, Inc. (BSPM) files 8-K - Current report. XIANYANG, China, July 6, 2010 (Xinhua-PRNewswire-FirstCall) – Biostar Pharmaceuticals, Inc. (BSPM.Nasdaq) ("Biostar" or "the Company"), the Xianyang-based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin-Aoxing Oleanolic Acid Capsule, and other pharmaceutical products, today announced that Mr. Deyin “Bill” Chen has been appointed Chief Financial Officer, effective July 1, 2010. Mr. Chen replaces Ms. Elaine Zhao, who resigned effective close of business on June 30, 2010.
Mr. Chen brings more than 13 years of multinational and Big 4 accounting experiences to Biostar. His expertise includes financial management, financing transactions, corporate governance and investor relations. Most recently, Mr. Chen was an independent advisor engaged in local RMB PE fundraising and providing M&A and PE advisory and due diligence services. Prior to that, Mr. Chen was a partner of Trenwith Securities LLC, where he was engaged in and executed cross-border equity financing for various Chinese companies. He was also a senior business advisor of Ernst & Young and a senior financial advisor of IBM Global Services. From 1997 to 2000, Mr. Chen was the CFO for China Operations of Ashland Inc.
Mr. Chen graduated with a Bachelor’s degree in Nuclear Physics from Fudan University, and Master of Science degree in Nuclear Engineering and Accountancy from University of Cincinnati. He also holds a MBA degree from York University.
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 China Education Alliance Inc. (CEU) files 8-K - Current report. HARBIN, China, July 6 /PRNewswire-Asia-FirstCall/ -- China Education Alliance, Inc. (NYSE: CEU), a China-based education resources and services company, announced today that the company will participate in the Global Hunter Securities China Conference. The event will be held July 11-13, 2010 at the St. Regis Hotel in San Francisco, California.
Zack Pan, Chief Financial Officer, is scheduled to present at 10:30 a.m. on Monday, July 12 in Presentation Room 1. Mr. Pan will be available for one-on-one meetings with investors during the conference.
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 China INSOnline Corp. (CHIO) files 8-K - Current report. On June 30, 2010, China INSOnline Corp., a Delaware corporation (the “Registrant”) entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Hong Kong Jing Nuo International Limited, a Hong Kong limited company (the “Buyer”), a third party not affiliated with the Registrant nor any of Registrant’s subsidiaries.
Pursuant to the terms of the Share Purchase Agreement, the Registrant sold to the Buyer, and the Buyer purchased from the Registrant (the “Transaction”) all issued and outstanding ownership shares of Rise and Grow Limited (“R&G”), a Hong Kong limited company and the wholly-owned subsidiary of the Registrant, for a purchase price equal to US$100,000 in cash. As a result of the Transaction, the Registrant sold to the Buyer all existing assets and liabilities, as of June 30, 2010, of R&G, New Fortune Associate (Beijing) Information Technology Co., Ltd. (“NFA”), a limited liability company organized under the laws of the People’s Republic of China (the “PRC”) and a wholly owned subsidiary of R&G, and Beijing ZYTX Technology Co., Ltd (“ZYTX”), a Variable Interest Entity (“VIE”) and a limited liability company organized under the laws of PRC, which ZTTX is wholly controlled by R&G through NFA, through a series of contractual agreements. A copy of the Share Purchase Agreement is attached hereto as Exhibit 10.1.
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China Education Alliance Announces Participation in Global Hunter Securities China Conference. HARBIN, China, July 6 /PRNewswire-Asia-FirstCall/ -- China Education Alliance, Inc. (NYSE: CEU), a China-based education resources and services company, announced today that the company will participate in the Global Hunter Securities China Conference. The event will be held July 11-13, 2010 at the St. Regis Hotel in San Francisco, California.
Zack Pan, Chief Financial Officer, is scheduled to present at 10:30 a.m. on Monday, July 12 in Presentation Room 1. Mr. Pan will be available for one-on-one meetings with investors during the conference. For more information regarding this conference, please visit http://www.ghsecurities.com . |
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China INSOnline Corp.'s Successful Completion of 2009 Annual Shareholders Meeting. NEW YORK, July 6 /PRNewswire-Asia-FirstCall/ -- China INSOnline Corp. (Nasdaq: CHIO) announced today that it had successfully held its 2009 annual shareholders meeting, pursuant to which seven members of the board of the directors were elected and CHIO's 2010 stock option plan was approved. Meanwhile, China INSOnline Corp. (the "Company") was granted an additional 180 days to regain its compliance with the NASDAQ rules on bid price.
On June 29, 2010, the Company successfully held its 2009 annual shareholders meeting ("Annual Meeting"). A quorum were present and the majority of the shareholders, present in person or through proxy, at the Annual Meeting, elected and voted FOR during the Annual Meeting, the Company's 2010 stock option plan and the following people as the members of the board of directors of the Company (the "Board"): Zhenyu Wang, Junjun Xu, Yuefeng Wang, Yinan Zhang, Xiaoshuang Chen, Renbin Yu and Yong Bian
The Board adopted a board resolution on June 30, 2010 appointing Mr. Yuefeng Wang, Mr. Yinan Zhang and Mr. Yong Bian as the members of the Audit Committee, with Mr. Yuefeng Wang acting as the Chairman of the Audit Committee; Mr. Yuefeng Wang, Mr. Yinan Zhang and Mr. Yong Bian as the members of the Nominating Committee, with Mr. Yinan Zhang acting as the Chairman of the Nominating Committee; and Mr. Yuefeng Wang, Yinan Zhang and Mr. Yong Bian as the members of the Compensation Committee, with Mr. Yong Bian acting as the Chairman of the Compensation Committee. |
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 CPHI to Present at the Global Hunter Securities China Conference in San Francisco on July 11 - 13, 2010. HAIKOU CITY, China, July 6 /PRNewswire-Asia-FirstCall/ -- China Pharma Holdings, Inc. (NYSE AMEX: CPHI) ("China Pharma" or the "Company"), a leading fully-integrated specialty pharmaceutical company in China, today announced that the Company's Chief Financial Officer, Mr. Frank Waung, has been invited by Global Hunter Securities to present at the Global Hunter Securities ("GHS") China Conference.
The GHS China Conference will be held on July 11 - 13, 2010 at the St. Regis Hotel in San Francisco. Mr. Frank Waung is scheduled to make a presentation at 3 P.M. PT on Monday, July 12, 2010 and will be available to meet with investors throughout the conference.
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 China Valves Technology, Inc. Announces Annual General Meeting. KAIFENG and ZHENGZHOU, CHINA, July 6 /PRNewswire-Asia-FirstCall/ -- China Valves Technology, Inc. (Nasdaq: CVVT) ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that it will be hosting its Annual General Meeting on Friday, July 9, 2010 on the 21st Floor, Kineer International Plaza, Zhengzhou City, China. A live conference call presentation will be held at 7 pm Beijing time (7 am EDT).
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 China North East Petroleum Holdings Ltd. Announces New Independent Member to Board of Directors. HARBIN, China and NEW YORK, July 6 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced the appointment of Mr. Ruishi Hu as an independent member to the Company's Board of Directors, effective June 28, 2010.
Ruishi Hu has over 30 years of experience in the Chinese petroleum industry. Since 2009, Mr. Hu has been a director of Qianguo County Mongolia Autonomous Petroleum Development Company, a joint venture established by PetroChina Company Limited ("PetroChina") Jilin Branch and the government of Qianguo County. From 2007 to 2009, he served as Chief Representative of PetroChina to Song Yuan City Yu Qiao Oil and Gas Development Limited Corporation, one of its subsidiaries. From 2004 to 2007, Mr. Hu was a director of Songyuan City Jingyuan Petroleum Development Company, a joint venture established by PetroChina Jilin Branch and the Beijing National Economic Council. Prior to 2004, he served in a management capacity with Jilin Petroleum Group Drilling Technology Research Institute and the Jilin Oilfield Administration Bureau.
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 SinoHub, Inc. to Present at the Global Hunter Securities 2010 China Conference on July 12. SANTA CLARA, Calif. and SHENZHEN, China, July 6 /PRNewswire-Asia/ -- SinoHub, Inc. (NYSE Amex: SIHI), a rapidly growing electronics company in the People's Republic of China currently engaged in electronic component sales, private label mobile phone manufacturing and sales, and electronic component supply chain management (SCM) services, today announced it will present at the Global Hunter Securities 2010 China Conference, being held July 11-13, 2010 in San Francisco, California.
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 Yongye International Featured on China Central Television as the Model Case of Agricultural Innovation. BEIJING, July 6 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (Nasdaq: YONG), ("Yongye" or the "Company") a leading manufacturer, developer and distributor of "Shengmingsu" brand plant and animal nutrient products in China, today announced that the Company's Shengmingsu branded plant nutrient product and its unique branded store business model were featured as an innovative and effective agricultural model by China Central Television's (CCTV) Economic Channel on June 30, 2010 on the Economic News program which is the flagship news program for CCTV's Economic Channel. This is the most influential business and financial TV channel in China and is similar to CNBC in format. Additionally, the screening process for news is very rigorous and only endorses truly successful companies.
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|  | The China 100 Stock Index closed Tuesday, July 06, 2010:
783.63  8.06 (1.02 %) | | | E-House (China) Holdings Limited (EJ) led the Gainers closing 7/6/2010:
14.80  0.86 (6.17 %)
| | | China America Holdings, Inc. (CAAH) was the Index biggest loser closing 7/6/2010:
0.01 0.00 (20.00 %)
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| | The China Vesting Large Cap Stock Index (Panda) closed Tuesday, July 06, 2010:
961.41 6.19 (0.65 %) | | | E-House (China) Holdings Limited (EJ) led the Index closing 7/6/2010:
14.80 0.86 (6.17 %)
| | | Ctrip.com International Ltd. (CTRP) was the Index biggest loser closing 7/6/2010:
32.81 5.26 (13.82 %)
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| | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Tuesday, July 06, 2010:
735.79 12.14 (1.62 %) | | | JA Solar Holdings Co., Ltd. (JASO) led the Index closing 7/6/2010:
5.35 0.27 (5.31 %)
| | | China Housing and Land Development, Inc. (CHLN) was the Index biggest loser closing 7/6/2010:
1.96 0.34 (14.78 %)
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| | The China Vesting Undervalued Stock Index (Dragon) closed Tuesday, July 06, 2010:
683.46 15.63 (2.24 %) | | | 3SBio (SSRX) led the Index closing 7/6/2010:
11.89 0.44 (3.84 %)
| | | China America Holdings, Inc. (CAAH) was the Index biggest loser closing 7/6/2010:
0.01 0.00 (20.00 %)
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