The Institute for Supply Management reported Thursday its manufacturing index fell to 56.2 in June from 59.7 in May, its lowest level since December. However, the Institute said industrial activity still to be growing but a slow pace. The sub-indices in the ISM manufacturing report showed that the prices paid index declined to 57.0 from 77.5, while the production index also eased to 61.4 from 66.6, new orders eased to 58.5 from 65.7, while the contraction in inventories eased to 45.8 from 45.6, the employment index eased to 57.8 from 59.8, imports remained unchanged at 56.5, and new export orders eased to 56.0 from 62.0.
Another Thursday’s report confirmed the data released last week from the housing market, where both the existing and new home sales dropped heavily. The pending home sales index dropped May by 30.0 percent, compared with the prior reported rise of 6.0% back in April, while compared with a year earlier, pending home sales declined by 15.6%, compared with the prior reported rise of 24.6%. Home sales dropped as soon as the government’s tax credit program expired.
Before Friday's Labor Department report is released the government said initial claims for unemployment benefits increased by 13,000 last week to 472,000. Economists had forecast claims would fall to 452,000. Analysts expect Friday's Labor Department report will show the unemployment rate increased to 9.8 percent from 9.7 percent in May, and the economy shed 100,000 nonfarm jobs after adding 431,000 in the prior month at the government for the 2010 census.
The economic recovery in US seems to be losing momentum helping to grow fear on investors about a double-dip global recession. In China, a report showed manufacturing activity slowed in June. As a result major US stock indices fell Thursday, The China 100 stock index lost 9.73 points or 1.22% to 789.86. The Panda China Large Cap Stock Index won 3.56 points or 0.38% to 948.35. The Tiger China Small & Mid Cap Stock Index lost 17.83 points or 2.25% to close at 751.94 and the Dragon China Undervalued Stock Index fell 1.35% to close at 691.90.
American Lorain Corporation (ALN) an international processed snack foods and convenience foods manufacturer based in Shandong Province, China, yesterday announced it will present at the Global Hunter Securities 2010 China Conference, being held July 11-13, 2010 in San Francisco, California. American Lorain closed today at 3.39 per share with a gain of 0.55 or 19.37%.
ReneSola Ltd. (SOL) [6.48, 0.51, +8.54] a leading global manufacturer of solar wafers and producer of solar power products based in China today announced its selected preliminary unaudited results for the second quarter of 2010 and provided its guidance for the second half of 2010. Net revenues for Q2 2010 are expected to be in the range of US$245 million to US$255 million, exceeding the company's previous guidance range of US$230 million to US$250 million and representing an increase of approximately 21.0% to 25.8% from US$206.6 million in Q1 2010. Gross profit margin is expected to be in the range of 28% to 30%, exceeding the Company's previous guidance range of 21% to 23% and compared to 17.1% in Q1 2010.
AsiaInfo Holdings, Inc. (ASIA) [21.68, 0.18, -0.82%] a leading provider of telecom software solutions and IT security products and services in China, today announced that it has closed its previously announced agreement to merge with Linkage Technologies International Holdings Limited ("Linkage") and form AsiaInfo-Linkage, Inc. ("AsiaInfo-Linkage"). AsiaInfo's President and Chief Executive Officer, Steve Zhang, commented, "For over ten years, both AsiaInfo and Linkage have evolved into influential market players in the telecom IT software and solutions vertical, developing best-of-class products and cultivating strong relationships with the three telecom carriers in China. As a result of the completion of this transaction, AsiaInfo-Linkage will boast an expanded service offering, stronger R&D capacity and complementary customer bases for cross-selling opportunities.
NF Energy Saving Corp. (NFEC) [2.55, 0.00, 0.00%] a leading energy saving services provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, announced today that it has retained CCG Investor Relations to design and execute its investor relations campaign. "We look forward to working closely with CCG to establish and enhance our profile in the U.S. investment community and improve our communication with investors, media outlets and our shareholders," said Mr. Gang Li, Chairman and CEO of NF Energy. "Given CCG's track record of professional experience representing a wide spectrum of high growth, U.S.-listed Chinese companies, we are confident that our new partnership will help us build long term shareholder value."
QKL Stores Inc. (QKLS) [4.00, 0.20, -4.76] a leading regional supermarket chain in Northeastern China, today announced the Company has cancelled its building purchase agreement with Xiandong Zhang ("the Seller") for its new headquarters in Daqing, China. Under the original agreement which occurred on December 30, 2009, QKL agreed to pay RMB 75 million (approximately $11.0 million) to purchase a five story, 4,897 sq. meter building in Daqing to replace the Company's existing headquarters which the Company has outgrown. The building purchase agreement was terminated because the Seller was unable to complete the property transfer procedures of the PRC, which required the delivery of a Property Ownership Certificate and Land Use Right Certificate within 60 days of the execution of the Purchase Agreement.
The Seller was also unable to register the property ownership in the name of QKL which was required under the Purchase Agreement. The Termination Agreement provides that since the Seller breached the Purchase Agreement, the RMB 75 million (US $11.0 million) purchase price is to be refunded to the Company. The purchase price was refunded to the Company on June 28, 2010. The Company has reached an agreement with Xiandong Zhang to lease this same building facility, which is intended to accommodate future growth of the Company's administrative and operations personnel as it implements its supermarket expansion plan.
| TOP GAINERS |
|---|
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American Lorain Corporation (ALN) |
3.39 |
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0.55 / + 19.37% |
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China Kangtai Cactus Bio (CKGT) |
1.46 |
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0.14 / + 10.61% |
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China Armco Metals, Inc. (CNAM) |
3.15 |
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0.25 / + 8.62% |
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ReneSola Ltd. (SOL) |
6.48 |
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0.51 / + 8.54% |
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Trina Solar Ltd. (TSL) |
18.42 |
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1.14 / + 6.60% |
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| TOP LOSERS |
|---|
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Orient Paper Inc. (ONP) |
5.09 |
 |
1.59 / - 23.80% |
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China America Holdings, Inc. (CAAH) |
0.01 |
|
0.00 / - 22.35% |
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Asia Cork Inc (AKRK) |
0.23 |
|
0.05 / - 18.89% |
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Yongye International, Inc. (YONG) |
5.90 |
|
0.99 / - 14.37% |
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China 3C Group (CHCG) |
0.26 |
|
0.04 / - 13.62% |
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 Orient Paper Inc. (ONP) files DEF 14A - Other definitive proxy statements. The Notice of Annual Meeting of Stockholders, the Proxy Statement, the proxy card, and our 2009 Annual Report accompany this letter.
At the Annual Meeting, we will report on important activities and accomplishments of the Company and review the Company’s financial performance and business operations. You will have an opportunity to ask questions and gain an up-to-date perspective on the Company and its activities, and to meet certain directors and key executives of the Company.
As discussed in the enclosed Proxy Statement, the Annual Meeting will also be devoted to the approval of an amendment to our Certificate of Incorporation, election of directors, ratification of the appointment of BDO Limited as our independent registered public accounting firm for the fiscal year ending December 31, 2010, and consideration of any other business matters properly brought before the Annual Meeting.
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 QKL Stores Inc. (QKLS) files 8-K - Current report. Effective as of July 1, 2010, the Company, through QKL Chain, entered into an employment contract (“Employment Contract”) with the Company’s Chief Operating Officer, Alan Stewart, for a term of three years that will expire on June 30, 2013. Mr. Stewart will receive an annual salary of $191,352. In addition to his annual salary, Mr. Stewart will be reimbursed for one round-trip airfare from the United States to Daqing, and will be provided with housing and transportation during the term of his employment. Mr. Stewart may also receive performance bonuses, which would be awarded at the discretion of the Company’s management. Either the Company or Mr. Stewart may, without reason, terminate the Employment Contract by giving three months’ written notice or, in the case of Mr. Stewart’s termination by the Company, upon the payment of three months’ salary in lieu of notice. A copy of the Employment Agreement is attached as Exhibit 10.3 and is incorporated herein by reference.
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 Solarfun Power Holdings Co. Ltd. (SOLF) files 6-K/A [Amend] - Report of foreign issuer [Rules 13a-16 and 15d-16]. SHANGHAI, China, May 26, 2010 -- Solarfun Power Holdings Co., Ltd. ( “Solarfun” or the “Company”) (NASDAQ: SOLF), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the quarter ended March 31, 2010.
FIRST QUARTER 2010 HIGHLIGHTS
Total net revenues were RMB 1,475.8 million (US$216.2 million) in 1Q10, an increase of 17.8% from 4Q09 and an increase of 115.7% from 1Q09.
PV module shipments, including module processing services, reached 150.6 MW, an increase from 110.8 MW in 4Q09 and from 35.7 MW in 1Q09.
Average selling price, excluding module processing services, declined, as expected, to US$1.76 per watt in 1Q10.
Gross profit was RMB 272.5 million (US$39.9 million) and gross margin was 18.5%.
Net income attributable to shareholders on a non-GAAP basis1 was RMB 158.1 million (US$23.2 million), an increase of 64.9% from 4Q09 and a substantial increase from RMB 12.4 million in 1Q09.
Net income per diluted ADS on a non-GAAP basis was RMB 2.72 (US$ 0.40), an increase of 63.9% from RMB 1.66 in 4Q09, and a substantial increase from RMB 0.23 in 1Q09.
Annualized ROE on a non-GAAP basis significantly improved to 26.6 % in 1Q10 from 17.4% in 4Q09 and 2.3% in 1Q09.
As of March 31, 2010, the Company had cash and cash equivalents of RMB 936.3 million (US$137.2 million) and working capital of RMB 1,978.1 million (US$289.8 million).
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 Tongxin International, Ltd. Files for Extension to Report Year End 2009 Financial Results. CHANGSHA, China, July 1 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq: TXIC), a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs"), today announced that the Company has filed a form 12b-25 with the SEC providing the Company with an extension to file its 20-F for the year ending December 31, 2009.
SEC Form 12b-25 filed on June 30, 2010 states, "The Company's independent auditor, BDO Seidman LLP, is still in the process of completing its documentation and review process." Under the rules of the 12b-25 filing, Tongxin has 15 calendar days to file its year end 2009 20F report. The management of Tongxin will provide further detail and update to the timing of its 20F report, press release and conference call at a later date.
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|  | The China 100 Stock Index closed Thursday, July 01, 2010:
784.81  10.49 (1.32 %) | | | American Lorain Corporation (ALN) led the Gainers closing 7/1/2010:
3.39  0.55 (19.37 %)
| | | Orient Paper Inc. (ONP) was the Index biggest loser closing 7/1/2010:
5.09 1.59 (23.80 %)
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| | The China Vesting Large Cap Stock Index (Panda) closed Thursday, July 01, 2010:
955.22 3.59 (0.38 %) | | | Trina Solar Ltd. (TSL) led the Index closing 7/1/2010:
18.42 1.14 (6.60 %)
| | | Shanda Interactive Entertainment Ltd. (SNDA) was the Index biggest loser closing 7/1/2010:
38.27 1.40 (3.53 %)
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| | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Thursday, July 01, 2010:
739.22 17.27 (2.28 %) | | | China Armco Metals, Inc. (CNAM) led the Index closing 7/1/2010:
3.15 0.25 (8.62 %)
| | | Orient Paper Inc. (ONP) was the Index biggest loser closing 7/1/2010:
5.09 1.59 (23.80 %)
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| | The China Vesting Undervalued Stock Index (Dragon) closed Thursday, July 01, 2010:
688.31 12.67 (1.81 %) | | | American Lorain Corporation (ALN) led the Index closing 7/1/2010:
3.39 0.55 (19.37 %)
| | | China America Holdings, Inc. (CAAH) was the Index biggest loser closing 7/1/2010:
0.01 0.00 (22.35 %)
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