Asian ADRs Slip; ChinaCache and Hong Kong Highpower Technology Rise While ChinaCache Falls

By Staff,

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American depository receipts of Asian companies fell 0.36% on Wednesday afternoon to 154.07, according to the Bank of New York Mellon Asian ADR Index.

ChinaCache ( CCIH ) rose 6.5% after the company named a new CFO and reported adjusted net income for Q2 of $1.9 million, or $0.07 per diluted ADS, down from adjusted net income of $2.1 million, or $0.09 per diluted ADS, in the same period in 2013. Net income on a GAAP basis also fell to $1.1 million, or $0.04 per diluted share, from last year's $1.8 million, or $0.08 per diluted ADS.

Net revenues rose 34.4% year-over-year to $55.8 million, exceeding the company's guidance, due to improvements across all areas of operations, with growth in the media & entertainment and enterprise verticals in particular. For Q3, net revenues are expected to be $60.4 million to $61.3

JA Solar ( JASO ) slipped 6% after the company reported disappointing Q2 results.

Hong Kong Highpower Technology ( HPJ ) climbed about 13.5% after it said it started shipping its advanced compact lithium battery product developed for the newly introduced TIMEX IRONMAN ONE GPS+, a smartwatch offering consumers stand-alone wireless connectivity without a phone.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CCIH , JASO , HPJ

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