Chinese Stocks in the U.S.: Baidu, Southern Airlines, Spreadtrum
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, fell 1.3 percent to 403.07. The gauge tumbled 8.8 percent this week, the most since the week ended Jan. 9, 2009. The American Stock Exchange China Index shed 1 percent to this year’s low of 233.13. The Shanghai Composite Index lost 2.1 percent to 2,626.42.
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), which owns China’s most popular online search engine, fell 2 percent to a three-week low of $140.99. Baidu acquired a 40 percent stake in Fanshu.com, an online book site, China Business News reported, citing an unidentified official from Baidu.
China Southern Airlines Co. (ZNH US), the nation’s largest carrier by fleet size, rose 1.3 percent to $30.08. Lam Kwong Yu, an independent non-executive director resigned today, the company said in a regulatory filing to the Hong Kong Exchange today.
China Mobile Ltd. (941) , the world’s biggest phone carrier by subscribers, dropped 1.9 percent to $47.25. The company has entered into a deal with Apple Inc. to sell the iPhone4 beginning about October, AppleInsider.com reported, citing an article posted on ccidcom.com, a Chinese website for telecom industry news.
Cnooc Ltd. (CEO) , China’s largest offshore energy producer, fell 2.3 percent to $199.36, the lowest since Oct. 1. The company may start operations at its Jieyang liquefied natural gas import terminal in Guangdong province in mid-2014, Zhou Shuzhao, a marketing official with Cnooc’s gas and power unit, said by telephone from Jieyang city today. The project may receive state approval this month, he said.
NetQin Mobile Inc. (NQ US), a Chinese mobile-phone software provider, slid 1.3 percent to $7.10, the lowest in almost two weeks. The company signed a mobile security agreement with Taiwan Mobile Co. to offer anti-virus services to mobile users in Taiwan.
Spreadtrum Communications Inc. (SPRD) , a Chinese maker of mobile-phone chips, jumped 9.5 percent, the most in a month, to $14.48. Second-quarter net income almost tripled to $32.5 million from $11.1 million a year earlier, the company said in a statement yesterday. Revenue more than doubled from a year ago to $160.2 million in the three months ended in June.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
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