Chinese Stocks in the U.S.: China Telecom, Sinopec, Trina Solar
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, rose 4.1 percent, the most in more than a week, to 393.03. The American Stock Exchange China Index advanced 4.7 percent to 231.17. The Shanghai Composite Index added 1.5 percent to 2,554.02.
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.
China Telecom Corp. (CHA US), the country’s biggest fixed- line carrier, jumped 9.1 percent, the most since November 2008, to $61.50. Profit excluding gains from connection fees rose to 5.09 billion yuan ($795 million) in the three months ended June 30, from 4.54 billion yuan a year earlier, the Beijing-based company said in a statement on its website today. That was in line with the 5.05 billion yuan average of six analysts’ estimates compiled by Bloomberg.
Focus Media Holding Ltd. (FMCN) , which uses televisions in office lobbies to deliver advertising, surged 8.3 percent, the most since February 2010, to $29.45. Second-quarter net income jumped 69 percent from a year earlier to $42.8 million, the company said in a statement yesterday. That exceeded the $36.2 million average estimate of four analysts surveyed by Bloomberg.
Ku6 Media co. (KUTV US), which provides online video- sharing service in China, plunged 11 percent to $1.86. Second- quarter net loss widened to $21.6 million from a loss of $15.5 million a year ago, it said in a release distributed by PR Newswire.
Oil futures rose for a second day in New York amid speculation the Federal Reserve will bolster efforts to stimulate the economy.
China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner, also known as Sinopec, added 7.8 percent, the biggest one-day gain since May 2009, to $91.09. Sinopec will invest more than 140 billion yuan in the northwestern region of Xinjiang in China in the five years through 2015, compared with 45 billion yuan in the past five years, the Beijing-based company said in a statement on its website. Sinopec will spend on projects including oil exploration, refining, coal chemicals and natural gas pipelines, it said.
Cnooc Ltd. (883) , China’s largest offshore energy producer, added 4.9 percent to $188.44.
PetroChina Co. (PTR US) the nation’s biggest oil producer, climbed 3.7 percent to $123.73.
The price of polysilicon, the main raw material in photovoltaic panels, rose in August for the first time in five months, and Goldman Sachs Group Inc. said solar-equipment makers are poised for recovery.
Trina Solar Ltd. (TSL) , China’s largest solar panel maker by market capitalization, jumped 9.1 percent, the most in two weeks, to $14.15. Trina estimated its total shipment of photovoltaic modules in the third quarter will be between 480 megawatts and 520 megawatts, compared with 396.4 megawatts in the previous three months.
JinkoSolar Holding Co. (JKS US) surged 15 percent, the most since November 2010, to $16.61.
JA Solar Holdings Co. (JASO US), the world’s largest solar- cell maker by capacity, leaped 14 percent to $3.62.
Yingli Green Energy Holding Co. (YGE US), China’s fifth- largest maker of solar modules, gained 12 percent, the most since January 2010, to $6.22.
LDK Solar Co. (LDK US), a maker of solar cells based in China’s Jiangxi province, increased 12 percent to $5.81.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
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