The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 1.3 percent to 430.42. The American Stock Exchange China Index fell 1.1 percent to 253.65. The Shanghai Composite Index dropped 0.1 percent to 2,816.69.
The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.
Baidu Inc. (BIDU US), the owner of China’s most popular online search engine, increased 0.8 percent to $148.13, the highest since April 29. Qiyi.com Inc., the Chinese online video venture majority owned by Baidu, denied a media report that it’s seeking to raise $300 million of financing, according to an e- mailed statement. Baidu holds a 61 percent stake in Qiyi.com.
LDK Solar Co. (LDK US), a maker of solar cells based in China’s Jiangxi province, lost 3.1 percent to a seven-week low of $6.32. Louis Tung-jung Hsieh, the chairman of its audit committee, resigned from LDK’s board yesterday, the company said in a statement. Hsieh, who is president and chief financial officer of the Beijing-based New Oriental Education & Technology Group (EDU), said on a conference call he resigned “for personal reasons.” LDK appointed Maurice Wai-fung Ngai, a new independent director, to take over as head of the audit committee.
New Oriental Education & Technology Group Inc. (EDU US), China’s largest private-education company, lost 2.6 percent, the most in a week, to $119.86. From Aug. 18, each of the company’s American depositary receipts will be changed to represent one common share, from the current four common shares, the company said in a statement. New Oriental’s net income for the quarter ended in May more than doubled to $14.3 million, from $5.8 million a year earlier, it said in a statement. Total revenue rose 59 percent to $137.4 million for the quarter, it said.
PetroChina Co. (PTR US), the nation’s second-largest oil refiner, slid 1.1 percent to $145.40. The company will need at least 20 more days to repair a crude distillation unit that accounts for almost half the capacity at its Dalian plant after damage caused by a fire, according to a company official who declined to be identified, citing internal policy.
Sino Clean Energy Inc. (SCEI) , a maker of coal-water mixture fuel, jumped 17 percent to $2.37, the highest since June 1. The company offered to purchase a stake in Foshan Nan Hai CWSF Co., China’s largest producer of the coal-water fuel, through acquiring shares in Crown Energy Ltd., which holds 60 percent in Foshan, according to its statement.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
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