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