Citigroup, an American financial services company based in New York, recommended selling the Suntech Power Holdings (STP) stock and said its earnings may miss analysts’ estimates next year. Suntech declined today 7 percent to $10.57, the biggest drop since May 6. The stock closed Friday at $11.37 on volume of 4,153,800 shares, above average daily volume of 3,900,038. Suntech Power Holdings is currently above its 50-day moving average of $10.24 and should find resistance at its 200-day moving average of $13.61.
Citigroup also rated Yingli Green Engergy Holding (YGE) as “hold” sending the stock down 4.35 percent to $11.86. Trina Solar Ltd. (TSL), a Changzhou, China-based maker of solar modules, lost 2.8 percent to $20.52 after Citigroup initiated coverage of the stock with a “buy” rating. Citigroup analyst Timothy Arcuri said, “Stock correlation within the group is near a record high, but these stocks typically track estimates”.
Yingli Green Energy Holding Company (YGE) has announced the initial production of its latest 400MW capacity expansions. The new solar photovoltaic [PV] manufacturing lines include a 300MW Panda monocrystalline silicon based production capacity at the company's Baoding headquarters, and a 100MW multicrystalline silicon based production capacity in Haikou, Hainan province.
Trina Solar (TSL) today announced, Mr. Sean Tzou has been appointed to the new position of Chief Strategy Officer. Mr. Tzou served as the Company's Chief Operations Officer from March of 2007 until June of 2010. The new position will allow Mr. Tzou, who assumed responsibilities as the head of global sales and marketing in August of 2009, to focus on key strategic growth areas including sales team management, channel optimization and brand enhancement and promotion. Mr. Tzou will continue to serve as a director on Trina Solar's Board of Directors.
Trina Solar (TSL) also reported, Mr. Gary Yu, who served as Trina Solar's Vice President of Manufacturing since May of 2007 has been promoted to the position of Senior Vice President, Operations, and will continue to manage daily responsibilities of manufacturing and operations management. Mr. Yu's role will remain focused on key internal operations areas such as manufacturing cost reduction, and will now include capacity expansion and supply chain management.
The China 100 stock index lost 7.94 points or 0.95% to 823.71.The Panda China Large Cap Stock Index dropped 10.14 points or 1.02% to close at 983.63. The Tiger China Small & Mid Cap Stock Index fell 4.83 points or 0.60% to close at 802.18 and the Dragon China Undervalued Stock Index slid 11.53 points or 1.64% to close at 692.34.
Asia Cork Inc (AKRK) is today’s worst stock performer by losing 23.33% to 0.23 per share. Melco Crown Entertainment Ltd. (MPEL) is down 5.53% to 3.76 per share. Approximately 1.1 million Melco Crown shares have traded hands today vs. 30-day average volume of 7.5 million shares. Shares of Melco Crown Entertainment are currently trading below their 50-day moving average of 4.09 and below their 200-day moving average of 4.52.
China Automotive Systems, Inc. (CAAS) [17.20, 0.26, -1.49%] a leading power steering components and systems supplier in China, announced today that its subsidiary, Wuhan Jielong Power Steering Co. Ltd., has received a purchase order from Changan Automobile Company, for A10 electric power steering ["EPS"] units. Changan, one of the top 5 automotive manufacturers in China, has been a customer for CAAS's hydraulic power steering for two years. The Company's EPS products successfully passed Changan's trial order and received positive feedback for its road test performance and quality standard. CAAS has now begun commercial shipments to Changan.
China Marine Food Group Limited (CMFO) [4.92, 0.18, -+3.80%] today reported that its Chairman and CEO, Mr. Pengfei Liu, has purchased a total of 245,500 shares of his own Company's stock from the open market. On July 2 and July 8, China Marine filed two separate SEC Form 4 documents detailing Chairman Liu's share purchases of a total of 245,500 shares between at average of $3.91 and $4.34. SEC Form 4 documents must be filed with the SEC when any 10% or greater shareholder purchases or sells shares. The number of shares and price of shares are detailed on each Form 4 in addition to the name and address of the shareholder. As a result of the Chairman's purchase of shares, Mr. Liu's ownership in the Company increased from 41.4% to 42.3%.
JA Solar Holdings Co., Ltd. (JASO) [5.88, 0.28, -4.55%] a leading manufacturer of high-performance solar power products, today announced that it has signed strategic agreements with Innovalight, Inc. JA Solar signed a three-year supply agreement for silicon nanoparticle ink from Innovalight for the production of JA Solar's recently announced SECIUM high efficiency solar cells. Pilot production of the SECIUM cells began in May with commercial volume production planned in the second half of 2010.
China Security & Surveillance Technology, Inc. (CSR) [5.11, 0.04, +0.79%] a leading integrated provider of digital surveillance technology in the P.R.C., today announced that the Company's second-quarter 2010 financial results will be released on Monday, July 26, 2010 before market opens. The Company will also hold a conference call to discuss the financial results the same day at 8:00 am ET. The Company's earnings release, presentation and related materials will be available in the investor relations section of CSST's web site before the earnings call.
| TOP GAINERS |
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China Armco Metals, Inc. (CNAM) |
3.28 |
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0.24 / + 7.89% |
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Shanda Interactive Entertainment Ltd. (SNDA) |
40.33 |
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2.72 / + 7.23% |
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Universal Travel Group (UTA) |
6.09 |
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0.37 / + 6.47% |
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China Shenghuo Pharma (KUN) |
0.50 |
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0.03 / + 5.51% |
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Orient Paper Inc. (ONP) |
7.23 |
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0.28 / + 4.03% |
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| TOP LOSERS |
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Asia Cork Inc (AKRK) |
0.23 |
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0.07 / - 23.33% |
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Yayi International (YYIN) |
1.50 |
|
0.20 / - 11.76% |
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Suntech Power Holdings (STP) |
10.57 |
|
0.80 / - 7.04% |
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China 3C Group (CHCG) |
0.27 |
|
0.02 / - 5.92% |
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Melco Crown Entertainment Ltd. (MPEL) |
3.76 |
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0.22 / - 5.53% |
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 Lihua International, Inc. (LIWA) files 10-Q/A [Amend] - Quarterly report [Sections 13 or 15(d)]. This quarterly report on Form 10-Q is being filed as Amendment No. 1 to our Quarterly Report on Form 10-Q which was originally filed on May 4, 2010 with the Securities and Exchange Commission. We are amending and restating our financial statements to reclassify the Company’s warrants as derivative liabilities and report any changes in their fair value up to the earlier of the date of exercise or the reporting date in earnings. The Company has performed a thorough reassessment of the terms of all of the Company’s warrants with reference to the guidance provided in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (formerly EITF No. 07-5, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock”), which has been effective from January 1, 2009. In particular, the Company has considered the guidance in ASC 815-40-15-7I (formerly paragraph 19 of EITF No. 07-5) regarding the Company’s exposure to changes in currency exchange rates. This reassessment has led to management’s conclusion that the Company’s warrants should not be considered indexed to the Company’s own stock because the warrants are denominated in U.S. Dollar, which is different from the Company’s functional currency, Renminbi (the Chinese lawful currency). We have also revised the disclosure under Part I Item 4 regarding Controls and Procedures.
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Lihua International, Inc. (LIWA) files 10-K/A [Amend] - Annual report [Section 13 and 15(d), not S-K Item 405]. This annual report on Form 10-K is being filed as Amendment No. 1 to our Annual Report on Form 10-K which was originally filed on March 31, 2010 with the Securities and Exchange Commission. We are amending and restating our financial statements to reclassify certain of the Company’s warrants as derivative liabilities and report any changes in their fair value up to the earlier of the date of exercise or the reporting date in earnings. The Company has performed a thorough reassessment of the terms of all its Company’s warrants with reference to the guidance provided in ASC 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (formerly EITF No. 07-5, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock”), which has been effective from January 1, 2009. In particular, the Company has considered the guidance in ASC 815-40-15-7I (formerly paragraph 19 of EITF No. 07-5) regarding the Company’s exposure to changes in currency exchange rates. This reassessment has led to management’s conclusion that the Company’s warrants should not be considered indexed to the Company’s own stock because the warrants are denominated in U.S. Dollar, which is different from the Company’s functional currency, Renminbi (the Chinese lawful currency). We have also revised the disclosure under Item 8A(T) “Controls and Procedures.” |
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Lihua International, Inc. (LIWA) files 8-K - Current report. On July 9, 2010, the Board of Directors of Lihua International, Inc. (the “Company”), after consultation with and upon recommendation from the Audit Committee of the Board of Directors of the Company, concluded the Company’s previously issued audited financial statements for the twelve months ended December 31, 2009, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2010 and the Company’s previously issued unaudited financial statements for the three months ended March 31, 2010, included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2010 should no longer be relied upon and that disclosure should be made and action should be taken to prevent future reliance. The Company will restate its financial statements for the year ended December 31, 2009 and the three months ended March 31, 2010. The sole purpose of the restatement is to reclassify the accounting treatment of warrants with respect to the Company’s deemed functional currency. |
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 The9 Limited to Report First and Second Quarter 2010 Unaudited Financial Results on Aug 24, 2010. The9 Limited (Nasdaq: NCTY) ("The9"), an online game operator and developer in China, announced today that it will host a conference call and webcast on Tuesday, August 24, 2010 at 9:00 PM, U.S. Eastern Time (corresponding to Wednesday, August 25, 2010 at 9:00 AM, Beijing Time) to discuss The9's First and Second Quarter 2010 unaudited financial results, which will be released shortly after the close of the U.S. market on the same day. The press release will also be posted on The9's Investor Relations website located at http://www.corp.the9.com .
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 GSMA Announces Keynote Speakers for Mobile Asia Congress 2010. LONDON, July 12, 2010 /PRNewswire/ -- The GSMA today announced that CEOs and other senior executives from companies including Axiata, China Mobile, China Unicom, NTT DOCOMO, Sina Corporation and ZTE will headline the 2010 Mobile Asia Congress, which will be held 17-18 November at the Hong Kong Convention and Exhibition Centre. The company also released details on the Mobile Asia Congress edition of App Planet, its award-winning developer-focused "event within an event".
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 Changyou.com to Report Second Quarter 2010 Financial Results on July 26, 2010. BEIJING, July 12 /PRNewswire-Asia/ -- Changyou.com Limited ("Changyou" or the "Company") (Nasdaq: CYOU), a leading online game developer and operator in China, will report its second quarter 2010 unaudited financial results on Monday, July 26, 2010, before U.S. market hours.
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|  | The China 100 Stock Index closed Monday, July 12, 2010:
818.13  8.52 (1.03 %) | | | China Armco Metals, Inc. (CNAM) led the Gainers closing 7/12/2010:
3.28  0.24 (7.89 %)
| | | Asia Cork Inc (AKRK) was the Index biggest loser closing 7/12/2010:
0.23 0.07 (23.33 %)
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| | The China Vesting Large Cap Stock Index (Panda) closed Monday, July 12, 2010:
988.81 10.16 (1.02 %) | | | Shanda Interactive Entertainment Ltd. (SNDA) led the Index closing 7/12/2010:
40.33 2.72 (7.23 %)
| | | Suntech Power Holdings (STP) was the Index biggest loser closing 7/12/2010:
10.57 0.80 (7.04 %)
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| | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Monday, July 12, 2010:
788.95 4.72 (0.59 %) | | | China Armco Metals, Inc. (CNAM) led the Index closing 7/12/2010:
3.28 0.24 (7.89 %)
| | | Melco Crown Entertainment Ltd. (MPEL) was the Index biggest loser closing 7/12/2010:
3.76 0.22 (5.53 %)
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| | The China Vesting Undervalued Stock Index (Dragon) closed Monday, July 12, 2010:
689.84 14.03 (1.99 %) | | | China Shenghuo Pharma (KUN) led the Index closing 7/12/2010:
0.50 0.03 (5.51 %)
| | | Asia Cork Inc (AKRK) was the Index biggest loser closing 7/12/2010:
0.23 0.07 (23.33 %)
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