Comparing to what happened to Chinese stocks listed on U. S. stock exchanges, the drop in major U. S. equity indexes is minor, though the Dow Jones Industrial Average did lose more than 10% in just one month (10.19%). During the same time period, the NASDAQ dropped 9.12% and the S&P declined 8.57% as jitters in the financial sector continued and there was no sign that the housing market has bottomed. In fact, the loss in June was the severest monthly loss since the Great Depression.
However, if you are investing heavily in Chinese ADRs (like me), then I am sure you feel even more depressed when looking at your stocks’ performances last month. Of the 82 Chinese ADRs I track regularly, only 6 of them ended the month in the positive territory. All other 76 stocks dropped, and they dropped like a rock: 30 stocks lost more than 20% and 10 more than 30%.
The worst performer of the month is Tongjitang Chinese Medicine (TCM), losing more than half of its value, followed by Spreadtrum Communications (SPRD) 46.91% and China Southern Airlines (ZNH) 38.31%. The biggest gainer is China Medical Tech (CMED), rising 25.29% in one month. For the month, the Shanghai Composite Index (^SSEC) fell 22.75% and the Hong Kong’s Hang Seng Index (^HSI) lost 9.9%.
| Name | Symbol | 06/30/08 Price | June return (%) | YTD return (%) |
| 3SBio | SSRX | 9.06 | -16.27% | -39.11% |
| 51Job | JOBS | 18.32 | -6.86% | 1.66% |
| Acorn international | ATV | 6.97 | -12.11% | -25.29% |
| Actions Semiconductor | ACTS | 3.45 | 0.58% | -15.44% |
| Agria | GRO | 4.28 | -11.20% | -54.13% |
| AirMedia Group | AMCN | 14.44 | -17.58% | -35.48% |
| Aluminum Corp of China | ACH | 28.54 | -34.77% | -43.64% |
| APT Satellite | ATS | 1.3601 | -12.25% | -36.74% |
| ATA* | ATAI | 13.01 | -13.84% | 36.95% |
| Baidu.com | BIDU | 312.96 | -9.30% | -19.71% |
| China Architectural Engineering | CAEI | 9.77 | 10.77% | 12.95% |
| China Digital TV | STV | 13.91 | -23.66% | -48.44% |
| China Eastern Airlines | CEA | 31.34 | -29.87% | -67.91% |
| China Finance Online | JRJC | 15.27 | -37.85% | -30.59% |
| China Grentech | GRRF | 4.56 | -8.80% | -48.42% |
| China Life Insurance | LFC | 52.18 | -13.54% | -31.79% |
| China Medical Tech | CMED | 49.4 | 25.29% | 11.29% |
| China Mobile | CHL | 66.95 | -9.27% | -22.93% |
| China Nepstar | NPD | 8.66 | -24.96% | -50.74% |
| China Petro & Chemical | SNP | 92.89 | -7.91% | -37.32% |
| China Southern Airlines | ZNH | 19.79 | -38.31% | -69.76% |
| China Sunergy | CSUN | 8.27 | -29.44% | -49.94% |
| China Techfaith | CNTF | 4.22 | -11.16% | -27.24% |
| China Telecom | CHA | 54.39 | -23.57% | -30.33% |
| China Netcom | CN | 54.59 | -20.31% | -8.10% |
| China Unicom | CHU | 18.52 | -18.74% | -17.32% |
| ChinaEdu | CEDU | 4.75 | -13.79% | -44.12% |
| City Telecom (HK) | CTEL | 4.53 | -5.62% | -19.82% |
| CNinsure | CISG | 14.61 | -6.55% | -8.63% |
| CNOOC | CEO | 173.54 | -2.12% | 3.65% |
| Ctrip.com | CTRP | 45.78 | -21.58% | -20.34% |
| E-House | EJ | 11.36 | -24.27% | -52.33% |
| eLong | LONG | 7.1 | -12.24% | -14.25% |
| Focus Media | FMCN | 27.72 | -31.20% | -51.21% |
| Fuqi International | FUQI | 8.76 | -22.34% | 5.54% |
| Giant Interactive | GA | 12.12 | -17.49% | -6.63% |
| Global Sources | GSOL | 15.18 | 0.53% | -46.27% |
| Guangshen Railway | GSH | 22.41 | -11.49% | -37.12% |
| Gushan Environmental Energy | GU | 11.62 | -16.28% | 24.28% |
| Home Inns & Hotel | HMIN | 19.01 | -22.63% | -46.63% |
| Huaneng Power | HNP | 27.65 | -18.05% | -33.05% |
| Hurray! | HRAY | 3.16 | 6.40% | -20.60% |
| Hutchison Telecomm | HTX | 21.24 | -2.66% | -6.23% |
| JA Solar | JASO | 16.85 | -20.78% | -27.59% |
| Kongzhong | KONG | 3.73 | -18.02% | -38.75% |
| Las Vegas Sands | LVS | 47.44 | -31.68% | -53.96% |
| LDK Solar | LDK | 37.88 | -17.74% | -19.42% |
| Linktone | LTON | 1.84 | -13.21% | -40.45% |
| Longtop Financial Tech. | LFT | 16.56 | -14.24% | -30.07% |
| Melco PBL Entertainment | MPEL | 9.32 | -21.61% | -19.38% |
| Mindray Medical | MR | 37.32 | -10.93% | -13.15% |
| Netease.com | NTES | 21.79 | -4.22% | 14.93% |
| New Oriental Education | EDU | 58.42 | -11.15% | -27.51% |
| Ninetowns inter | NINE | 2.05 | -21.15% | -35.74% |
| Noah Education* | NED | 5.4 | -24.79% | -33.00% |
| O2Micro International | OIIM | 6.65 | -25.78% | -42.37% |
| Perfect World | PWRD | 24.99 | -7.34% | -10.37% |
| PetroChina | PTR | 128.86 | -9.60% | -26.56% |
| QiaoXing Mobile Comm. | QXM | 4.93 | -20.36% | -41.66% |
| Renesola* | SOL | 17.3 | -31.02% | 33.08% |
| Semiconductor Manufacturing | SMI | 2.91 | -12.87% | -43.93% |
| Shanda Interactive | SNDA | 27.15 | -16.38% | -18.42% |
| Simcere Pharmaceutical | SCR | 12.6 | -18.23% | -9.03% |
| Sina | SINA | 42.55 | -20.12% | -3.95% |
| Sinopec | SHI | 34.09 | -16.28% | -44.17% |
| Sohu.com | SOHU | 70.44 | -19.52% | 29.20% |
| Solarfun Power | SOLF | 17.5 | -23.25% | -46.40% |
| Spreadtrum Communications | SPRD | 4.99 | -46.91% | -59.30% |
| Suntech Power | STP | 37.46 | -11.94% | -54.49% |
| The9 | NCTY | 22.58 | -12.78% | 5.37% |
| Tongjitang Chinese Medicine | TCM | 4.17 | -53.41% | -57.66% |
| Trina Solar | TSL | 30.64 | -31.82% | -43.05% |
| UTstarcom | UTSI | 5.47 | 13.96% | 99.64% |
| VanceInfo Technologies | VIT | 15.87 | -15.94% | 76.33% |
| Vimicro International | VIMC | 2.84 | -11.53% | -24.47% |
| VisionChina Media | VISN | 15.87 | -15.94% | 86.71% |
| WSP Holdings | WH | 7.03 | -16.01% | -22.75% |
| Wuxi Pharmatech | WX | 20.3 | -0.73% | -30.57% |
| XinHua Finance Media | XFML | 2.34 | -20.95% | -61.00% |
| Xinyuan Real Estate | XIN | 6.07 | -31.41% | -57.34% |
| Yazhou Coal Mining | YZC | 93.01 | -14.83% | -4.17% |
| Yingli Green Energy | YGE | 15.92 | -22.64% | -58.82% |
*2008 IPO
Two widely held ETFs that mainly invest in China also took a big hit last month. iShares FTSE/Xinhua China 25 Index (FXI) ended the month with a 14.47% decline and PowerShares Gloden Dragon Halter USX China (PGJ) suffered a deeper loss of 17.8%.
