After mostly international stocks soared on upbeat global economic data, today, the US Commerce Department reported retail sales fell 1.2 percent in May. It's been the first drop in eight months. Economists had forecast sales would rise 0.4 percent.
Investors were looking for support on the sales data to provide reassurances about the economic recovery in the US. Investors still hesitating because of the roller-coaster of information surged in one week; the good figures of home and auto sales, the disappointing employment report, the encouraging speech of the Federal Reserve Chairman, Ben Bernanke and the most recent report of the number of laid-off workers finding a job.
Today, the China 100 stock index closed the trading session with a gain of 11.99 points or 1.43% to 848.97. The Panda China Large Cap Stock Index gained 11.20 points to 961.89. The Tiger China Small & Mid Cap Stock Index closed to 842.67 gaining 1.55% and the Dragon China Undervalued Stock Index gained 11.19 points or 1.54% to 739.12.
Shares of Perfect World Co., Ltd. (PWRD) closed today’s session at 25.63. Perfect World announced today that Jade Dynasty, the English-based version of Zhu Xian, one of China's most popular Free-To-Play games, will be celebrating its one year anniversary on June 16th. China Agritech Inc. (CAGC) [12.06, 1.07, +9.74%] has noticed strong interest in its liquid fertilizers, which was reinforced by its recent 9 million contract award by Sinochem for the sale of its “Green Vitality” fertilizers.
Tianyin Pharmaceutical Co., Inc. (TPI) [3.06, 0.22, +7.75%] currently manufactures and markets a comprehensive portfolio of 52 products, of which 23 are listed in the highly selective National Medicine Catalog of the National Medical Insurance program, 7 are included in the essential drug list of China. Tianyin achieved 10 new drug approvals at SFDA in 2009 and has a pipeline of 12 products pending regulatory approval that target various indications with considerable market potential.
Today’s biggest loser is China-Biotics, Inc. (CHBT) [14.08, 1.40, -9.04%] which makes probiotic products in China, announced Friday that its fourth-quarter earnings fell by 56 percent as one-time charges weighed down results. For the three-month period that ended on March 31, the company had net income of 2.9 million, or 13 cents per share. That is down from the previous net income of 6.6 million, or 39 cents per share.
China Pharma Holdings, Inc. (CPHI) closed in the red to 2.54 per share losing 4.15%, China 3C Group (CHCG) dropped to 0.33 per share with a loss of 2.94%. AirMedia Group Inc. (AMCN) has a potential upside of 71.9% based on a current price of 3.91 and an average consensus analyst price target of 6.86.
Chinese meat and food processing company Zhongpin Inc. (HOGS) announced Friday it will build a new processing plant and distribution center in the Jiangsu province city of Jiangyan. The company said it will invest about 63 million the 220-acre plant. Construction is slated to begin in August.
The company expects the first phase, which will focus on cold-storage for pork, to be completed in the third quarter of next year. A second phase for production of prepared pork products is slated to be completed in the first quarter of 2012.
Zhongpin said the processing plant will be its first entry into the eastern China market. Management expects it will help save on its delivery costs, quicken its response to the market and help boost sales.
Zhongpin has been expanding rapidly and late last year it made a public offering of 4 million shares to help fund more growth. The company reported last month that its net income rose 37 percent during the first quarter on strong sales. Shares in Zhongpin rose 27 cents, or 2.4 percent, to 11.49.
| TOP GAINERS |
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Perfect World Co., Ltd. (PWRD) |
25.63 |
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3.17 / + 14.11% |
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China Agritech Inc. (CAGC) |
12.06 |
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1.07 / + 9.74% |
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Tianyin Pharmaceutical Co., Inc. (TPI) |
3.06 |
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0.22 / + 7.75% |
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Yayi International (YYIN) |
1.99 |
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0.12 / + 6.42% |
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China Armco Metals, Inc. (CNAM) |
3.88 |
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0.23 / + 6.30% |
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| TOP LOSERS |
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China-Biotics, Inc. (CHBT) |
14.08 |
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1.40 / - 9.04% |
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China Pharma Holdings, Inc. (CPHI) |
2.54 |
 |
0.11 / - 4.15% |
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China 3C Group (CHCG) |
0.33 |
 |
0.01 / - 2.94% |
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AirMedia Group Inc. (AMCN) |
3.91 |
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0.09 / - 2.25% |
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China Education Alliance Inc. (CEU) |
4.08 |
 |
0.09 / - 2.16% |
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China-Biotics, Inc. (CHBT) files 8-K - Current report. SHANGHAI, China, June 11, 2010, China-Biotics, Inc. (NASDAQ: CHBT) ("China-Biotics" or "the Company"), a leading developer, manufacturer and distributor of probiotics products in China, today reported its financial results for the fourth quarter and the fiscal year ended March 31, 2010.
4Q10 Financial Highlights
Revenues were a quarterly record 25.5 million for a 64.4% year-over-year increase;
Gross margin was 69.4% versus 68.5% in 4Q09;
Excluding the non-cash losses from change in fair value of convertible bonds, non-GAAP net income for Q4 was 8.8 million, or non-GAAP diluted EPS
$0.36;
GAAP net income was 2.9 million, or 0.13 per diluted share;
Cash and cash equivalents were 155.6 million.
Fiscal Year 2010 Highlights
Annual net revenue increased 50% year-over-year to an annual record 81.4 million;
Gross margin was 70.4%;
Operating income rose 62% to 35.3 million from 21.8 million in 2009;
Excluding the non-cash losses from changes in fair value of convertible bonds, non-GAAP net income for the fiscal year 2010 was 27.8 million, or non-
GAAP diluted EPS 1.28;
GAAP net income was 15.6 million, or 0.80 diluted per share.
Free cash flow 14.4 million.
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GigaMedia Ltd. (GIGM) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Singapore/Hong Kong/Seoul/Tokyo/New York, June 9, 2010 — MTV Networks Asia, a division of Viacom Inc (NYSE: VIA, VIA.B), and leading Asian online games company GigaMedia Limited (NASDAQ: GIGM) today announced plans to co-develop and jointly publish the first Massively Multiplayer Online Game (MMOG) based upon Nickelodeon’s global smash hit, SpongeBob SquarePants. The game will be the first Nickelodeon television property to be developed as an MMOG, and Viacom’s first to be developed outside of the United States. The SpongeBob SquarePants MMOG will launch in 2011 in multiple languages for players in China, Korea, Japan, Taiwan, Southeast Asia and India.
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JA Solar Holdings Co., Ltd. (JASO) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. MUNICH- June 10, 2010- JA Solar Holdings Co., Ltd., (Nasdaq: JASO), a leading manufacturer of high-performance solar power products, today announced at Intersolar Europe that it has partnered with the Energy research Centre of the Netherlands (ECN) to introduce the metal wrap through (MWT) solar cell and module technology into production.
Through this partnership, JA Solar and ECN will work together to produce cost-effective, high-efficiency solar modules that have the promise to reduce the cost of electricity, generated through solar energy. The MWT technology minimizes shading loss at the front cell surface, resulting in an increased active front surface area of the solar cell. Modules can be assembled in a fully automated process with Eurotron equipment. This technology allows handling of thin solar cells at high throughput and yield. ECN has recently successfully manufactured high-efficiency MWT solar modules, achieving a world record efficiency in 2009 of 17.0 percent (aperture area) for photovoltaic modules with multi-crystalline silicon cells.
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Xinyuan Real Estate Co., Ltd. (XIN) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. BEIJING, China, June 11, 2010 – Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic Tier II cities in China, today announced that it has been advised that the three selling shareholders named in the preliminary prospectus supplement filed by the Company with the SEC on June 4, 2010 (“Prospectus Supplement”), Blue Ridge China Partners, L.P., EI Fund II China, LLC and Ms. Yuyan Yang, have terminated their best efforts offering of up to 9,500,000 American Depositary Shares (“ADSs”).
The selling shareholders may sell ADSs pursuant to the methods of sale described in the “Plan of Distribution” section of the prospectus filed on November 3, 2009 relating to the Company’s registration statement on Form F-3 that was declared effective on October 30, 2009.
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Al Gore Commemorates Launch of Suntech Low Carbon Concept Museum. WUXI, China, June 11 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading producers of solar panels, today launched the Low Carbon Concept Museum at Suntech Headquarters. Al Gore, Chairman of the Alliance for Climate Protection, former Vice President of the United States, and a world-renowned environmental advocate, was on hand to commemorate the event.
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Xinyuan Real Estate Co., Ltd. Announces Termination of Best Efforts Offering by Shareholders. BEIJING, June 11 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic Tier II cities in China, today announced that it has been advised that the three selling shareholders named in the preliminary prospectus supplement filed by the Company with the SEC on June 4, 2010 ("Prospectus Supplement"), Blue Ridge China Partners, L.P., EI Fund II China, LLC and Ms. Yuyan Yang, have terminated their best efforts offering of up to 9,500,000 American Depositary Shares ("ADSs").
The selling shareholders may sell ADSs pursuant to the methods of sale described in the "Plan of Distribution" section of the prospectus filed on November 3, 2009 relating to the Company's registration statement on Form F-3 that was declared effective on October 30, 2009.
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 |  | The China 100 Stock Index closed Friday, June 11, 2010: 847.73 10.75 (1.28 %) |  |  | Perfect World Co., Ltd. (PWRD) led the Gainers closing 6/11/2010: 25.63 3.17 (14.11 %)
|  |  | China-Biotics, Inc. (CHBT) was the Index biggest loser closing 6/11/2010: 14.08 1.40 (9.04 %)
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 |  | The China Vesting Large Cap Stock Index (Panda) closed Friday, June 11, 2010: 961.92 11.19 (1.18 %) |  |  | Perfect World Co., Ltd. (PWRD) led the Index closing 6/11/2010: 25.63 3.17 (14.11 %)
|  |  | Shanda Interactive Entertainment Ltd. (SNDA) was the Index biggest loser closing 6/11/2010: 42.45 0.64 (1.49 %)
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 |  | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Friday, June 11, 2010: 842.67 12.88 (1.55 %) |  |  | China Agritech Inc. (CAGC) led the Index closing 6/11/2010: 12.06 1.07 (9.74 %)
|  |  | China-Biotics, Inc. (CHBT) was the Index biggest loser closing 6/11/2010: 14.08 1.40 (9.04 %)
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 |  | The China Vesting Undervalued Stock Index (Dragon) closed Friday, June 11, 2010: 734.12 6.19 (0.85 %) |  |  | Yayi International (YYIN) led the Index closing 6/11/2010: 1.99 0.12 (6.42 %)
|  |  | China Pharma Holdings, Inc. (CPHI) was the Index biggest loser closing 6/11/2010: 2.54 0.11 (4.15 %)
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