Chinese Stocks in the U.S.: Baidu, Harbin Electric, UTStarcom
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, climbed 0.7 percent to 389.45, bringing its weekly gain to 3 percent. The American Stock Exchange China Index advanced 1 percent to 233.28. The Shanghai Composite Index trimmed 0.1 percent to 2,612.19.
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), owner of China’s most popular online search engine, jumped 5 percent to $139.70, the highest level in almost two weeks. The company was raised to “neutral” from “underperform” at Credit Suisse by analyst Wallace Cheung.
Sina Corp. (SINA US), the owner of China’s third-most visited website and the Twitter-like Weibo service, leaped 5 percent to $97.93.
Sohu.com Inc. (SOHU) , the operator of China’s fifth-most visited website, gained 3 percent to $75.20.
China Southern Airlines Co. (ZNH US), Asia’s largest carrier by passenger numbers, dropped 1.9 percent to $34.72. The company was lowered today to “sell” from “buy” at UOB Kay Hian Holdings Ltd. by equity analyst K Ajith after it yesterday reported first-half net income of 2.76 billion yuan ($432 million), compared with the median 2.8 billion yuan estimate of four analysts surveyed by Bloomberg.
Harbin Electric Inc. (HRBN) , a Chinese maker of electric motors used in freight trains, conveyors and automatic car windows, plunged 12 percent, the most in more than two months, to $15.08. The company never modified any documents filed in China, and no management or its board members resigned, it said in a statement, seeking to clarify market rumors.
UTStarcom Holdings Corp. (UTSI US), an Internet-based TV service provider, rose 2.5 percent, the biggest gain since Aug. 15, to $1.23. The company appointed Jin Jiang as chief financial officer to replace Edmond Cheng, who chose to leave the company, according to a statement it distributed by PR Newswire.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
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