Lentuo Leads Asia ADR Gainers as Chinese Retailers Rise on Improved Economic DataMd Noman Siddique (Author) Published Date : Jun 10, 2014 01:46 IST
Lentuo International Inc. (LAS) led gainers among American depositary receipts of Asian companies on Friday as Chinese retailers showed broad gains as data on the country's factory sector reached a five-month high. Most of Asia's markets rose on Friday except for Thailand, which declined after the military took control in the country's 19th coup since absolute monarchy ended in 1932. The Nikkei reached a three-week closing high. The Bank of New York Mellon Asia ADR Index gained 0.1%, compared with a 0.3% gain for the S&P 500 Stock Index. Lentuo International, a non state-owned Chinese car dealer, surged 17% to $2.10 per ADR. Retail gainers included Jumei International Holding Ltd. (JMEI) +5%, Mecox Lane Ltd. (MCOX) +4.7% and Lightinthebox Holding Co. (LITB) +2.1%. Asia's gainers included Sky-Mobi Ltd. (MOBI) +4.8%, China Finance Online Co. (JRJC) +4.5%, Ubic Inc. (UBIC) +3.8% and Nidec Corp. (NJ) +3.8%. China New Borun Corp. (BORN) led decliners with a 9.8% drop to $2.87 per ADR, reversing pre-market gains after saying sales growth will slow. The company said 2Q revenue will increase 1.8% to 6.6% from a year earlier, compared with 39% growth in Q1. Youku Tudou Inc. (YOKU), a Chinese Internet TV company fell 8.1% to $18.75 per ADR after reporting Q1 sales that missed analyst estimates. 21Vianet Group Inc. (VNET), a Chinese Internet data-center company, fell 8.6% to $24.61 per ADR after missing Q1 earnings estimates. Asia's decliners included CNInsure Inc. (CISG) -7.7%, China Sunergy Co. (CSUN) -7.1% and Visionchina Media Inc. (VISN) -4.7%.
Lentuo Leads Asia ADR Gainers as Chinese Retailers Rise on Improved Economic Data