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Solars Jump on Outlook as NQ Advances: China Overnight

Chinese stocks rose for a second day in New York, led by solar manufacturers, after growth in the Asian nation’s industrial output unexpectedly gathered pace.

The Bloomberg China-US Index of the most-traded Chinese stocks in the U.S. added 0.9 percent to 101.80 yesterday, after slumping 2.1 percent last week. Yingli Green Energy Holding Co., the biggest solar maker, advanced to a two-week high while Trina Solar jumped 7.5 percent. Suntech Power Holdings Co. surged 20 percent in its first day of trading over the counter. Phoenix New Media Ltd. jumped the most in two months on investment plan of IDG Capital Partners and NQ Mobile Inc. rallied 19 percent.

China’s production rose 10.3 percent in October from a year earlier, exceeding the 10 percent median estimate in a Bloomberg News survey of economists, a government report showed over the weekend. That may support China’s top leadership as it wrestles with the scale and pace of reform at a four-day meeting ending today. Polysilicon and solar wafer demand increased consistently during the third quarter, according to Chinese producer GCL-Poly Energy Holdings Ltd., whose third-quarter sales jumped sixfold.

“It kind of gives a little more support to the notion we’re not going to see a big deceleration in fourth-quarter GDP,” Michael Wang, an emerging-markets strategist at Amiya Capital LLP in London, said by phone yesterday. “The market is waiting to hear what comes from the meeting that is going on right now because that could set the tone for next year.”

The iShares China Large-Cap ETF, the largest Chinese exchange-traded fund in the U.S., rose 1 percent to $37.23 in New York, gaining for a second day. The Standard & Poor’s 500 Index was little changed as investors awaited retailer earnings reports to gauge the strength of consumer demand.

Solar Outlook

American depositary receipts of Yingli, based in Baoding, China, climbed 7.4 percent to $6.94, the biggest advance since Sept. 27. Changzhou-based Trina, China’s third-largest solar maker, climbed to $16.91, the highest price since Oct. 24.

“Solar prices right now continue to hold up well,” Angelo Zino, a New York-based analyst at S&P Capital IQ, said in a phone interview. “Given the growth based on shipment numbers a lot of these companies are reporting, you may end up to have a situation here demand continues and will outstrip supply, and that will be positive for any of the manufacturers across this region.”

Trading in Suntech, which filed for a provisional liquidation in Cayman Islands last week as its China unit is restructuring, was suspended on the New York Stock Exchange. NYSE cited “uncertainty” about the company’s completion of 2012 annual report within required time and its restructuring process in a Nov. 6 statement as the reason for the delisting.

NQ’s Earnings

NQ Mobile’s ADRs jumped to $13.49 in New York, after tumbling 11 percent last week. The company, set to report its third-quarter results today after U.S. trading closes, was accused by short seller Muddy Waters LLC of inflating sales in a report Oct. 24. NQ Mobile, which denied the allegations, has tumbled 41 percent since the report.

Revenue at the Beijing-company grew 98 percent in the third quarter from a year earlier to $51 million while adjusted profit increased 99 percent, according to the average projection of five analysts compiled by Bloomberg.

Phoenix New Media, a Chinese TV and Internet news outlet, jumped 10 percent to $10.02, rallying the most since Sept. 9. The company is scheduled to release third-quarter earnings after markets tomorrow.

Beijing-based Phoenix will get an investment of “millions of U.S. dollars” from funds managed by IDG Capital Partners to develop the Phoenix FM app business, which includes smartphone applications offering news, radio, audiobooks and educational courses, it said in a statement yesterday.

Vipshop Forecast

Vipshop Holding Ltd., an online retailer based in Guangzhou, reported adjusted net income of 26 cents per ADR for the third quarter after trading closed yesterday, beating the 21-cent average estimate of four analysts surveyed by Bloomberg. The company forecast fourth-quarter revenue of as much as $590 million, compared with the average projection of $546.2 million.

The Hang Seng China Enterprises Index in Hong Kong added 1.9 percent to 10,582.9, while the Shanghai Composite Index gained 0.2 percent to 2,109.47, the first advance in four days.

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