After a 20-hour session that ended at 5:39 A.M. ET on Friday US lawmakers agreed on a financial regulation bill. The 2,000-page bill was voted out of conference on a party-line vote, 27 to 16, and now heads back to the House and Senate for final passage. President Barack Obama praised lawmakers for agreeing on a historic overhaul of financial regulations that he called the "toughest consumer financial protections" in U.S. history.
Among other things the bill includes; a new 10-member oversight panel empowered to seize and break up big banks deemed “too big to fail”. Trading in many derivatives, such as the complex securities made up of bundles of home loans that ended up at the heart of the financial crisis, is being forced onto more transparent exchanges.
Big banks face curbs on the trading of the riskiest derivatives. Big banks will no longer be allowed to make high-risk bets with their own money, which is known as proprietary trading. As part of that rule no more than 3% of a bank’s core capital can be invested in hedge funds and private-equity firms. Some large banks may be forced to spin off some of their operations to comply with the rule.
After investors’ concerns about a too tight financial-overhaul bill were banished, most stocks in Wall Street soared. The China 100 stock index won 9.47 points or 1.12% to 851.36. The Panda China Large Cap Stock Index gained 13.16 points or 1.35% to 991.70. The Tiger China Small & Mid Cap Stock Index won 11.65 points or 1.41% to close at 840.34 and the Dragon China Undervalued Stock Index jumped only 0.18% to close at 720.98.
Sinovac Biotech Ltd. (SVA) announced a week ago it will hold its 2010 shareholder meeting at three concurrent sites on July 15 including: No 39 Shangdi Xi Road, Haidian District, Beijing, PRC and at No 6 Temple Street, St. John's, Antigua. That’s about half way round the world. Earlier this month SVA management said the Company received the confirmation from the China International Tendering Company that SVA was selected by the Beijing Centers for Diseases Control and Prevention [Beijing CDC] to supply the Company's hepatitis A vaccine, Healive, to the Beijing Expanded Program of Immunization [EPI]. Shares of Sinovac closed today at 4.98 to win 11.66% and lead the list of gainers.
HQ Sustainable Maritime Industries, Inc. (HQS) [5.50, 0.55, +11.11%] is a leading producer of functional, sustainable Tilapia biomass, including fish and personal healthcare products, HQ earlier this month announced that Lillian's Healthy Gourmet meals are available on Amazon.com. The Company currently offers six gourmet seafood meals, including Lillian's Healthy Gourmet Sweet Chili Citrus and Orange Miso Tilapia meals, as well as Lillian's Healthy Gourmet Gluten-Free Spicy Green Curry and Roasted Tomato Tilapia meals.
Lihua International, Inc. (LIWA) [9.12, 0.76, +9.09%] is a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper products, such as refined copper products and superfine and magnet wire, including copper clad aluminum wire, Lihua recently announced the completion of a new 32,000 square-foot warehouse located within its current plant in Danyang. The Company also announced that it is constructing a new 25,000-ton smelter at its existing copper recycling facility, which is expected to come on-line during the second half of 2010.
Advanced Battery Technologies, Inc. (ABAT) announced today the resignation of Mr. Yulin Hao as a member of the Board of Directors of the company and the election of Mr. Chi Quan Xue to serve as a member of the Board of Directors. Mr. Chi will also serve on the Audit Committee and as Chairman of the Nominating and Corporate Governance Committee. Advanced Battery Technologies closed today’s trading session at 3.57 per share with a gain of 5.93%.
Asia Cork Inc (AKRK) is a leading manufacturer of cork-based environmentally-friendly building materials for the Chinese and international building industry. Revenues of Asia Cork for the first quarter of 2010 increased 302% to approximately $3.6 million as compared to approximately $902,504 in the first quarter of 2009. The company reported net income of approximately $210,050 as compared to a loss of $113,541 a year earlier. Today Asia Cork’s shares closed at 0.27 with a loss of 12.90%.
AgFeed Industries, Inc. (FEED) [3.13, 0.07, +2.29%] one of the largest independent hog production and animal nutrient companies in China, today announced that it has set Wednesday, September 15, 2010 as the date of its 2010 Annual Meeting of Shareholders, and that the record date for determining shareholders entitled to vote at the Annual Meeting is July 27, 2010. The deadline for shareholders to timely submit to AgFeed proposals to be brought before the Annual Meeting pursuant to SEC Rule 14a-8 is July 19, 2010. The deadline for shareholders to timely submit to AgFeed proposals to be brought before the Annual Meeting (except for proposals pursuant to SEC Rule 14a-8) and to nominate candidates for AgFeed's Board of Directors is July 16, 2010.
Trina Solar Limited (TSL) [18.33, 0.72, +4.09] a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of photovoltaic modules, today announced that it is expected to supply PV modules to the University of Queensland [UQ] St Lucia campus in Brisbane, Australia, to be used for a 1.2 MW solar system which will be installed on the rooftops of four university buildings.
The large-scale installation will provide UQ with a significant source of clean green energy and is expected to be a resource for students and staff, who will study the array's performance and collaborate with Trina Solar as part of the University's drive to help develop next-generation solar technologies. Trina Solar also expects to work together with UQ on several cutting edge solar technology research projects going forward.
| TOP GAINERS |
|---|
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Sinovac Biotech Ltd. (SVA) |
4.98 |
 |
0.52 / + 11.66% |
|
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CDC Corp. (CHINA) |
2.45 |
|
0.25 / + 11.36% |
|
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HQ Sustainable Maritime Industries, Inc. (HQS) |
5.50 |
|
0.55 / + 11.11% |
|
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Lihua International, Inc. (LIWA) |
9.12 |
|
0.76 / + 9.09% |
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Advanced Battery Technologies, Inc. (ABAT) |
3.57 |
|
0.20 / + 5.93% |
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| TOP LOSERS |
|---|
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Synutra International Inc. (SYUT) |
18.20 |
 |
2.65 / - 12.71% |
|
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Asia Cork Inc (AKRK) |
0.27 |
|
0.04 / - 12.58% |
|
|
China America Holdings, Inc. (CAAH) |
0.01 |
|
0.00 / - 8.00% |
|
|
QKL Stores Inc. (QKLS) |
4.40 |
|
0.30 / - 6.38% |
|
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China Marine Food Group Limited (CMFO) |
4.27 |
|
0.27 / - 5.95% |
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 PetroChina Co. Ltd. (PTR) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. June 25, 2010, Beijing — PetroChina Company Limited (“PetroChina”, SEHK stock code 0857; NYSE symbol PTR; SSE stock code 601857) announced today that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2009 with the United States Securities and Exchange Commission (the “SEC”), which includes its audited financial statements.
Pursuant to Section 203.01 of the New York Stock Exchange (“NYSE”) Listed Company Manual approved by the SEC on August 21, 2006, the requirement for a NYSE-listed company to distribute a hard copy of the annual reports to shareholders was eliminated. A listed company is required to file with the SEC its annual reports (which include the audited financial statements) and is required to simultaneously make the annual report available to its shareholders on or through the company’s website.
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 3SBio (SSRX) files 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)]. We were previously principal accountants for 3SBio Inc. (“the Company”) and, under the date of April 21, 2009, we reported on the consolidated financial statements of the Company as of and for the years ended December 31, 2007 and 2008, and the effectiveness of internal control over financial reporting as of December 31, 2008. On May 5, 2009, we were dismissed.
We have read the Company’s statements included under item 16F of its December 31, 2009 annual report on Form 20-F, and we agree with such statements, except that we are not in a position to agree or disagree with the Company’s statements that: “The audit committee of our board of directors approved both the engagement of Ernst & Young Hua Ming and the dismissal of KPMG” and “During the years ended December 31, 2007 and 2008, and the subsequent interim period through May 5, 2009, neither we nor anyone on our behalf consulted with Ernst & Young Hua Ming concerning (a) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on our consolidated financial statements, and Ernst & Young Hua Ming concluded that neither any written report nor any oral advice was provided to us that was an important factor considered by us in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was either the subject of a disagreement with the former auditors or a reportable event.”
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 Synutra International Inc. (SYUT) files 424B2 - Prospectus [Rule 424(b)(2)]. Synutra International, Inc. is offering 3,300,000 shares of its common stock. Our common stock is listed on the NASDAQ Global Select Market under the symbol “SYUT.” On June 23, 2010, the last reported sale price of our common stock on the NASDAQ Global Select Market was $21.24 per share.
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 Yingli Green Energy Holding Co. Ltd. (YGE) files 20-F - Annual and transition report of foreign private issuers [Sections 13 or 15(d)]. We consent to the incorporation by reference in the registration statement No. 333-148353 on Form S-8 of Yingli Green Energy Holding Company Limited and in the registration statement No. 333-155782 on Form F-3 of Yingli Green Energy Holding Company Limited of our reports dated June 25, 2010, with respect to the consolidated balance sheets of Yingli Green Energy Holding Company Limited as of December 31, 2008 and 2009, and the related consolidated statements of operations, shareholders’ equity and comprehensive income (loss), and cash flows for each of the years in the three-year period ended December 31, 2009 and the effectiveness of internal control over financial reporting as of December 31, 2009, which reports appear in the December 31, 2009 annual report on Form 20-F of Yingli Green Energy Holding Company Limited. Our report on the consolidated financial statements refers to changes in the method of accounting for convertible senior notes, noncontrolling interests and business combinations due to the adoption of new accounting pronouncements.
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Synutra Announces Pricing of Follow-On Public Offering. QINGDAO, China and Rockville, Md., June 25 /PRNewswire-Asia/ -- Synutra International, Inc. (Nasdaq: SYUT), a leading infant formula company in China and a producer, marketer and seller of nutritional products for infants, children and adults, today announced the pricing of a public offering of 3.3 million common shares at $19.00 per share.
The underwriters have been granted a 30-day option to purchase up to 495,000 additional shares from the Company to cover over-allotments, if any. The offering is expected to close on or about June 30, 2010, subject to customary closing conditions.
The net proceeds to the Company from this offering will be approximately $59.565 million, not including the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use up to $35 million from the net proceeds to repay debt outstanding under its credit agreement with RBS, and the remainder for general corporate purposes. |
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