Chinese Stocks in the U.S.: Cnooc, Ku6 Media, Unicom, UTStarcom
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, climbed 1.2 percent to 432.93. The American Stock Exchange China Index rose 1.2 percent to 254.73. The Shanghai Composite Index gained 0.7 percent to 2,872.77.
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.
Oil rose for the first day in three sessions, climbing as much as 4.2 percent to more than $100 a barrel, after an Energy Dpeartment report showed an unexpected drop in U.S. inventories as refineries bolstered operating rates and imports declined.
Cnooc Ltd. (883) , China’s largest offshore energy producer, added 2.6 percent, the most in almost a month, to $234.20.
PetroChina Co. (PTR US) the nation’s biggest energy company, rose 1.7 percent, the most since April 20, to $137.14. The company plans to double the value of its global oil and gas trading business by 2015 through new offices in New York, London and Singapore, Chairman Jiang Jiemin said in Beijing. The value of PetroChina’s overseas trading business may increase to $200 billion from about $100 billion last year and the transaction volume may double to 400 million metric tons, he said.
China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, gained 0.8 percent to $97.47.
China Telecom Corp. (CHA US) increased 3.3 percent, the most since April 1, to $58.31. The nation’s biggest fixed-line phone carrier signed an agreement with Taiwan’s Chunghwa Telecom Co. to cooperate on cloud computing. Credit Suisse Group AG raised the rating on the company to “neutral” from “underperform,” saying telecom companies will benefit as cable operators find limited success in rolling out broadband services.
China Unicom (Hong Kong) Ltd. (CHU US), the nation’s second-largest mobile-phone carrier, climbed 1.3 percent to $19.76. The company, the only carrier offering iPhone handsets in China, will start selling Research In Motion Ltd.’s BlackBerry smartphones and services immediately, the Xinhua News Agency reported today, citing a joint announcement by the two companies. Services will first start from Beijing, Shanghai and the Guangdong province, the report said.
Ku6 Media co. (KUTV US), which provides online video- sharing service in China, sank 13 percent, the most in more than two months, to $4.33. The company will cut 20 percent of its sales force in the second quarter, according to a Securities and Exchange Commission filing today. Restructuring charges will be taken in the second quarter, and revenue in the second and third quarters will be “negatively” affected, the filing said. The company will report first-quarter financial results on May 24, it said yesterday.
UTStarcom Inc. (UTSI) , a Chinese maker of phone equipment, rose 5.7 percent to $2.24. The Beijing-based company said it won its first contract to build Internet-based television systems in northern China.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
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