China Mobile ADRs Gain on Cellular Tower Joint Venture; Bona Film Jumps on Fox Acquisition

By Staff,

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China Mobile Ltd. ( CHL ) gained alongside American depositary receipts of Asian companies after the Chinese phone carrier formed a joint venture to build cellular towers. Asia's markets showed broad gains as Japan stocks broke a five-day loss as the yen weakened.

Asian ADRs gained 0.2% on average, according to the Bank of New York Mellon Asia ADR Index, compared with a 0.6% gain for the S&P 500 Stock Index. Gainers led advancers 120 to 33.

China Mobile gained 3.1% to $51.26 per ADR after agreeing to form the tower venture with state-owned competitors China Unicom Ltd. ( CHU ) +4.8% and China Telecom Corp. ( CHA ) +3.5% to build towers throughout the country, according to regulatory filings on Friday.

Bona Film Group Ltd. ( BONA ) jumped 7.7% $6.60 per ADR after founder and CEO Yu Dong agreed to buy 21st Century Fox's ( FOX ) 19.3% interest in Bona for $71.4 million or $5.90 per ADR and to sell 13.3% of his stake to Fosun Group for the same price.

Chinese solar stocks gained as oil prices appeared to stabilize after a three-week decline. Gainers included Yingli Green Energy Holdings Co. (YGE) +6.5%, Trina Solar Ltd. (TSL) +5.1%, Hanwha Solarone Co. (HSOL) +5% and China Sunergy Co. (CSUN) +4.6%.

Sinopec Shanghai Petrochemical Co. (SHI) gained 5.3% to $29.79 as oil stabilized.

Asian ADR gainers included E-Commerce China Dangdang Inc. (DANG) +5.7%, Leju Holdings Ltd. (LEJU) +5.6 and Noah Holdings Ltd. (NOAH) +5.2%

Asian ADR decliners included Visiochina Media Inc. (VISN) -7.5%, Taiwan Semiconductor Manufacturing Co. (TSM) -1.7% and CNInsure Inc. (CISG) -1.2%.

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: CHL , CHU , CHA , BONA , FOX

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