Chinese Stocks in the U.S.: Kandi Advances, Zhongpin Tumbles

The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 2.1 percent to 439.33. The American Stock Exchange China Index gained 1.6 percent to 257.82. The Shanghai Composite Index dropped 0.7 percent to 2,796.983.

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), owner of China’s most popular Internet-search engine, rose 3 percent to $152.56. Baidu agreed to pay record labels to offer songs by artists including Beyonce, Lady Gaga and Frank Sinatra, ending a six-year dispute over piracy. Sony Corp., Universal Music Group and Warner Music Group Corp. will receive undisclosed fees for allowing their content to be downloaded for free to users of Baidu’s Ting and MP3 services, the Chinese search-engine operator said in a statement.

Kandi Technologies, Corp. (KNDI US), surged 24 percent to $2.45 percent after saying its board has approved a plan to buy back as much as $5 million of common shares over the next 18 months. It will use cash to fund the buyback, the company said in a statement.

Zhongpin Inc. (HOGS) dropped 8.9 percent, extending its decline since the beginning of June to 40 percent. The pork processor overstated information including the number of hogs processed, the China Economic Review said in a report on its website. The report had “numerous” errors, Warren Wang, chief financial officer of the Henan-based company, said on a conference call with analysts today.

To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net;

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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