Asian American Depository Receipts fell on Wednesday, alongside
their global counterparts, on concern about slower growth in China,
the world's second largest economy, and ongoing Russia/Ukraine
China, the biggest consumer of most raw materials as it powers
its factories for export-led growth, will release industrial
production data later in the U.S. day. Russia's movement of troops
into Crimea, home to its Black Sea Fleet but an autonomous region
of Ukraine, has prompted a crisis with both Ukraine and the
The Bank of New York Asian index of American depositary receipts
was last down 0.9% to 140.61. Declining China-based issues outpaced
advancers two to one while 15 of 17 Japanese issues were lower in
the first hour of trading.
China Techfaith Wireless Communication Technology (
) fell 17.9% to $2.55, after reporting Q4 results, Taomee Holdings
) fell 14% to $7, also after reporting Q4 results, and Lentuo
) slipped 11.7% to $4.30 after announcing a strategic partnership
with China Orient Asset Management to finance the expansion of the
used car business.
Shares of China Distance Education Holdings (
), a provider of online education in China, fell 7.9% to $20.70
after the company said it priced an offer of 4 million American
depositary shares to raise $29 million in net proceeds at $21 per
ADS, an 18% discount to Tuesday's closing price.
Hong Kong based Hong Kong Television Network (
) fell again, down 9% to $6.04 on Wednesday, a day after disclosing
that a government agency didn't approve of its plans to launch a
Leading Japanese issues lower was computer forensics company
UBIC (UBIC) down 13% to $8.01 and video game software company
Konami (KNM) down 2.1% to $24.55.
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