According to the news, China Appears Set to Make Its Exchange Rate More Flexible, published by Keith Bradsher at The New York Times, the Chinese government is preparing to announce in the coming days that it will allow its currency to strengthen slightly and vary more from day to day. If any, the appreciation of the Yuan is going to increase the bottom line of U.S. listed Chinese companies, who earn their profit in Yuan and report their financials in U.S. dollars. Watch closely when the formal announcement rolls out. It will definitely give China 100 Stock Index a strong boost.
Among today’s top gainers, LDK Solar (LDK) continues its upward momentum on strong volume of 5.16 million shares, representing a 9% of the float. Despite LDK announced lower than expected financial results sending the shares down last week, investors still show confidence for the company possibly due to positive outlook for overall solar energy market. Shares of the company advanced 8.23% in today’s session, closing at $7.63. The stock’s next resistance is located at $7.90.
Fuqi International (FUQI) shares increased 7.70% to close at $12.03 on average volume following positive comments by Mr. Yu Kwai Chong, Chairman and CEO. After the market closed yesterday, the company issued updates relating to its preliminary fourth quarter 2009 financial results and potential restatements on previously issued quarterly financial statements. Mr. Chong stated that the company has recruited an additional internal audit professionals as well as an external Sarbanes-Oxley 404 consultant to review and provide recommendations on company’s reporting policies and procedures. The company intends to file its 2009 Form 10-K in the coming weeks, including the restatement impact of the first three quarters of 2009. For the year 2010 outlook, Mr. Chong said “general order demand in both our wholesale and retail businesses remains solid for 2010 and our growth plans remain intact. We expect 2010 will continue to be a growth year as a greater emphasis on retail growth, maximizing gross margin and minimizing operating expenses.” According to the press release, Mr. Chan still owns his entire FUQI stock position since the company went public in 2007. FUQI hit a low of $9.70 on March 22, 2010 since the news on accounting irregularities came out.
Shares of Yuhe International (YUII) climbed back from previous losses due to dull earnings release and closed back at $10 level, breaking above the 50-day moving average. Last Wednesday, the company announced its fourth quarter and fiscal year 2009 results. For the fourth quarter, revenues decreased 27.4% to $13.3 million compared to the same period a year ago. Net income was down 52.7$ to $3.64 million, or $0.23 per diluted share.
Yayi International (YYIN) gradually climbed back from previous losses caused by weak 2010 first quarter fiscal year earnings results. Shares closed at $2.70 with a gain of 4.65% on light volume. The stock’s resistances are located at $2.75 and $3.00. Shares of Focus Media Holding (FMCN) today bounced back at $17.83 with a gain of 4.09%.
Asia Cork (AKRK) is the biggest loser of the day in terms of percentages, felling 14.53% on only 2,100 shares. The company delays filling its annual report on Form 10-K ended December 31, 2009. China Automotive Systems (CAAS) pulled back from previous high attributed by strong 2009 fourth quarter earnings results. The stock shed 4.89% to close at $21.18, closely above the solid support level at its 50-day moving average. Brean Murray today initiated coverage on China Automotive Systems with a HOLD rating.
China INSOnline (CHIO) today dropped 4.35% on lower than average volume. The stock has been bouncing around its 50-day moving average for the past two weeks with possible support at $0.52 and resistance at $0.61. CHIO is currently traded way below its 200-day moving average. Shares of China Armco Metals (CNAM) lost 2.94% to close at $8.25 on average volume. The stock has a support level located at $8.00. China Advanced Construction Materials (CADC) halted its upward trend and slightly fell 2.84%. This is a thin volume stock with a 3-month average trading volume of 100,582 shares, representing less than 2% of the float.
| TOP GAINERS |
|---|
 |
LDK Solar Co., Ltd. (LDK) |
7.63 |
 |
0.58 / + 8.23% |
|
|
Fuqi International, Inc. (FUQI) |
12.03 |
|
0.86 / + 7.70% |
|
|
Yuhe International, Inc. (YUII) |
10.04 |
|
0.52 / + 5.46% |
|
|
Yayi International (YYIN) |
2.70 |
|
0.12 / + 4.65% |
|
|
Focus Media Holding Ltd. (FMCN) |
17.83 |
|
0.70 / + 4.09% |
|
| TOP LOSERS |
|---|
|
Asia Cork Inc (AKRK) |
0.40 |
 |
0.07 / - 14.89% |
|
|
China INSOnline Corp. (CHIO) |
0.55 |
|
0.03 / - 5.17% |
|
|
China Automotive Systems Inc. (CAAS) |
21.18 |
|
1.09 / - 4.89% |
|
|
China Armco Metals, Inc. (CNAM) |
8.25 |
|
0.25 / - 2.94% |
|
|
China Advanced Construction Materials Group, Inc. (CADC) |
5.13 |
|
0.15 / - 2.84% |
|
 |
 |
| |
 China Mobile Limited (CHL) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Notice is hereby given that the Annual General Meeting of China Mobile Limited will be held on Wednesday, 12 May 2010 at 10:00 a.m. in the Conference Room, 3rd Floor, JW Marriott Hotel, Pacific Place, 88 Queensway, Hong Kong for the following purposes:
As Ordinary Business:
1. To receive and consider the audited financial statements and the Reports of the Directors and Auditors of the Company and its subsidiaries for the year ended 31 December 2009.
2. To declare a final dividend for the year ended 31 December 2009.
3. To re-elect Directors.
4. To re-appoint Auditors and authorize the Directors to fix their remuneration.
|
| |
 China BAK Battery, Inc. (CBAK) files 3 - Initial statement of beneficial ownership of securities. The option vests and becomes exercisable over a two-year period with the option vesting and becoming exercisable as to 25,000 shares on March 11, 2011 and 25,000 shares on March 11, 2012, except that the option will vest and become exercisable immediately in full upon China BAK Battery, Inc. (the "Company")'s consummation of a merger, consolidation or sale of all or substantially all of its business or assets. The option will expire on March 10, 2014, or in the event of Mr. Zou's termination of service to the Company, or any earlier date provided for under the Company's stock option plan.
|
| |
 Synutra International Inc. (SYUT) files RW - Registration Withdrawal Request. Pursuant to Rule 477 promulgated under the Securities Act of 1933, as amended, Synutra International, Inc. (the “Registrant”) hereby applies for an order granting withdrawal of its Registration Statement on Form S-3, together with all exhibits thereto, Commission File No. 333-144983 (collectively, the “Registration Statement”). The Registration Statement was originally filed with the Commission on July 31, 2007.
|
| |
 China Life Insurance Co. Ltd. (LFC) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. The Company strived to seek growth while maintaining steady and healthy business performance. It focused on adjusting its business structure to enhance business profitability and achieved significant progress. For the Reporting Period, the Company’s net premiums earned reached RMB275,077 million, up 3.7% year-on-year. The percentage of first-year regular premiums in first-year long-term premiums increased to 25.42% in 2009 from 21.39% in 2008, and the percentage of first-year regular premiums with payment duration of 10 years or longer increased from 38.32% of first-year regular premiums to 49.71%. The percentage of accident insurance premiums in short-term insurance premiums increased to 50.31% in 2009 from 47.19% in 2008. Renewal premiums became a stronger driver for growth, with renewal premiums growing by 21.3% when compared to 2008, and the proportion of renewal premiums in gross written premiums increased to 38.20% in 2009 from 32.72% in 2008. The new business value increased significantly to RMB17,713 million, up 27.2% from 2008. Underwriting quality of the Company was further enhanced, with the Policy Persistency Rate (14 months and 26 months)2 reaching 93.66% and 87.44%, respectively.
|
 |
|
| |
 Fuqi International, Inc. Named by Weiss & Lurie in Class Action. NEW YORK--(BUSINESS WIRE)--A class action lawsuit against Fuqi International, Inc. (“Fuqi” or the “Company”)(NASDAQ:FUQI) and certain individuals associated with the Company was commenced in the United States District Court for the Southern District of New York on behalf of shareholders who purchased Fuqi shares between May 15, 2009 and March 16, 2010.
|
| |
 Trina Solar Supplies Modules for PV Power Plant Project in Thailand. CHANGZHOU, China, April 8 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE:TSL - News) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, today announced that its subsidiary, Changzhou Trina Solar Energy Co., Ltd., has established a strategic partnership with Grenzone Pte Ltd ("Grenzone"), a system integrator, to supply its modules for PV projects in Singapore, Malaysia and Thailand. Initial shipments commenced in March 2010.
|
|
|
|
 |
|  | The China 100 Stock Index closed Thursday, April 08, 2010:
1,046.25  0.56 (0.05 %) | | | LDK Solar Co., Ltd. (LDK) led the Gainers closing 4/8/2010:
7.63 0.58 (8.23 %)
| | | Asia Cork Inc (AKRK) was the Index biggest loser closing 4/8/2010:
0.40  0.07 (14.89 %)
| |
|
| |
|
|
|
 |
| | The China Vesting Large Cap Stock Index (Panda) closed Thursday, April 08, 2010:
1,064.01 2.23 (0.21 %) | | | China Mobile Limited (CHL) led the Index closing 4/8/2010:
48.68 1.55 (3.29 %)
| | | Mindray Medical International Limited (MR) was the Index biggest loser closing 4/8/2010:
33.99 0.89 (2.55 %)
| |
|
| |
|
|
|
 |
| | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Thursday, April 08, 2010:
1,056.57 4.42 (0.42 %) | | | LDK Solar Co., Ltd. (LDK) led the Index closing 4/8/2010:
7.63 0.58 (8.23 %)
| | | China Automotive Systems Inc. (CAAS) was the Index biggest loser closing 4/8/2010:
21.18 1.09 (4.89 %)
| |
|
| |
|
|
|
 |
|
|
| | The China Vesting Undervalued Stock Index (Dragon) closed Thursday, April 08, 2010:
1,005.18 9.19 (0.91 %) | | | Yayi International (YYIN) led the Index closing 4/8/2010:
2.70 0.12 (4.65 %)
| | | Asia Cork Inc (AKRK) was the Index biggest loser closing 4/8/2010:
0.40 0.07 (14.89 %)
| |
|
|
| |
|
|
|
|