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Chinese solar firms' shares soar in New York

By Bloomberg News in New York (China Daily) Updated: 2013-01-14 10:21

The first week of 2013 saw Chinese stocks climb for a fifth week in New York, rallying the most since September, as manufacturing data added to signs the economy is recovering and as the US budget deal boosted China's second-largest trading partner.

The Bloomberg China-US Equity Index of the most-traded Chinese shares in the United States jumped 5.1 percent during the first week to 101.71, capping the longest stretch of weekly gains in 11 months. LDK Solar Co surged 59 percent in the week and Suntech Power Holdings Co soared 34 percent, as China took more measures to lift solar energy demand. Web game developer Giant Interactive Group Inc rallied 20 percent to a 16-month high, while Ambow Education Holding Ltd sank 7.1 percent.

Chinese solar firms' shares soar in New York

LDK Solar Co's logo behind a lifebuoy. The Bloomberg China-US Equity Index of the most-traded Chinese shares in the United States jumped 5.1 percent during the first week of this year to 101.71, capping the longest stretch of weekly gains in 11 months. LDK Solar Co surged 59 percent in the week and Suntech Power Holdings Co soared 34 percent. [Photo / China Daily]

Early January data showing manufacturing expanded for a third month in December compounded evidence the economy is emerging from its slowdown, while legislation to avert US spending cuts and tax increases burnished the outlook for China's exports. Asia's largest economy is poised to grow 8.1 percent this year, from 7.7 percent in 2012, according to the median estimates of 49 economists surveyed last month by Bloomberg.

"China's economy will definitely rebound this year, and I would expect Chinese equities to do better," Stephen Leeb, chairman of Leeb Capital Management Inc, said by phone in New York. "The US economy starting to recover could be very positive as a strong US economy is going to help all economies."

House prices

The iShares FTSE China 25 Index Fund, the largest Chinese exchange-traded fund in the US, was little changed at $41.62 in New York on Jan 4, after a weekly rising of 5.2 percent. The Standard & Poor's 500 Index climbed 0.5 percent to 1466.47 for a 4.6 percent weekly jump, after a government report showed US employers added workers last month and the jobless rate matched a four-year low.

E-House China Holdings Ltd jumped to a more-than three-month high after data showed new home prices in China gained for a seventh month.

American depositary shares of E-House surged 10 percent to $4.85, the highest level since Sept 20. E-House climbed 18 percent during the first week of this month. SouFun Holdings, the country's biggest real estate website owner, added 12 percent in the week to $26.63, the steepest jump since November.

Solar subsidies

China's Ministry of Housing and Urban-Rural Development said last month that it would support demand from residents seeking bigger homes this year, prompting speculation that authorities won't add to property curbs such as higher downpayments and home-purchase restrictions.

LDK, the second-largest maker of solar wafers globally, jumped 11 percent on Jan 4 to $2.14, the highest price since June 21. Suntech, the world's biggest solar-panel maker, rose 2.7 percent to a six-month high of $1.87. Yingli Green Energy Holding Co climbed 23 percent in the week while Trina Solar Ltd added 17 percent.

The Chinese government will provide a total of 1.82 billion yuan ($290 million) in subsidies to 126 rooftop solar installation projects, renewing an aid program started in 2009.

HSBC Holdings Plc said in a Jan 3 report that China will become the world's largest solar market in 2013.

"China is going to spend tremendous amounts of money on renewable energy and they've dramatically raised their targets for the energy over the past two years," Leeb said. "Solar stocks were down last year and the industry is growing."

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