Chinese Stocks in the U.S.: Focus Media, Suntech
(Corrects company name in seventh paragraph of story first published yesterday.)
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 3.2 percent to 338.84, the lowest since July 2009. The New York Stock Exchange China Index slid 3 percent to 206.07. The Shanghai Composite Index retreated 0.3 percent to 2,359.22 on Sept. 30. Markets in China were closed today.
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 dropped to the lowest level in more than a year in New York on concern that Greece will default, leading to slower global growth and a decline in fuel consumption.
Cnooc Ltd. (883) , China’s largest offshore energy producer, sank 4.5 percent to $153.06, the lowest price in a week. The company’s shares were cut to “sell” from “buy” at Ji-Asia Research Ltd. by equity analyst Samuel Thawley.
PetroChina Co. (PTR US) the nation’s biggest oil producer, fell 1.1 percent to a one-week low of $119.16.
Focus Media Holding Ltd. (FMCN) , which delivers advertising through televisions in office lobbies, slid 3 percent to $16.33, the lowest since July 2010. The shares tumbled 37 percent last week. The company intends to increase the size of its share repurchase plan to $650 million, from the $450 million announced in June, by the end of 2013, it said in a statement through PR Newswire. Focus Media has bought back $315 million shares since February 2010.
Solar industry fundamentals remain “weak on lower-than- expected demand, severe pricing competition from second- and third-tier companies,” Sanjay Shrestha, an analyst at Lazard Capital Markets Ltd., wrote in a research report.
Suntech Power Holdings (STP US), the world’s largest maker of solar panels, plunged 26 percent, the biggest loss since November 2008, to a record low of $1.70. The slump triggered a restriction by the U.S. Securities and Exchange Commission that forces traders who want to bet on declines through short-selling to wait once the stock drops 10 percent from the prior day’s close.
Trina Solar Ltd. (TSL) , China’s largest solar panel maker by market capitalization, dropped 8.2 percent to $5.58, the lowest since April 2009.
Yingli Green Energy Holding Co. (YGE US), China’s fifth- largest maker of solar modules, lost 7.4 percent to $2.87, the lowest since November 2008.
Hanwha SolarOne Co. (HSOL US), part-owned by South Korea’s Hanwha Chemical Corp., plummeted 22 percent to a record low of $1.87.
UTStarcom Holdings Corp. (UTSI US), an Internet-based TV service provider, retreated 2.4 percent to $1 after earlier rising as much as 3 percent. The company started its Internet TV platform in North America today through iTV Media Inc., its majority-owned unit, according to a statement distributed by PR Newswire. The platform provides Chinese language content in North America, the statement said.
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