Yingli Plunges as Earnings Concerns Sink ADRs: China Overnight
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Chinese stocks traded in New York fell to the lowest level in four weeks, led by Yingli Green Energy Holding Co., on concern the nation’s economic slowdown is cutting into corporate earnings.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. retreated 0.9 percent to 88.10 at the close of trading, the lowest level since Aug. 3. Yingli, the world’s sixth-largest silicon-based solar module maker, sank the most in four weeks after ThinkEquity LLC recommended investors sell the stock. Suntech Power Holdings Co. slid to the lowest since being listed in 2005 while China Eastern Airlines Corp. dropped for a fourth day after first-half profit fell.