Asians ADRs Follow Global Trend Lower on China Growth Concerns


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 tensions.

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 West.

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 ( CNTF ) fell 17.9% to $2.55, after reporting Q4 results, Taomee Holdings ( TAOM ) fell 14% to $7, also after reporting Q4 results, and Lentuo International ( LAS ) 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 ( DL ), 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 ( HKTV ) 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 mobile-television network.

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.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: CNTF , TAOM , LAS , DL , HKTV

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