China Mobile Ltd. (
) 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
) +4.8% and China Telecom Corp. (
) +3.5% to build towers throughout the country, according to
regulatory filings on Friday.
Bona Film Group Ltd. (
) jumped 7.7% $6.60 per ADR after founder and CEO Yu Dong agreed to
buy 21st Century Fox's (
) 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
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.
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)
Asian ADR decliners included Visiochina Media Inc. (VISN) -7.5%,
Taiwan Semiconductor Manufacturing Co. (TSM) -1.7% and CNInsure
Inc. (CISG) -1.2%.