The market in Shanghai closed up 2.5% last night and hit an all-time high. But, that is hardly an excuse for the shares of Chinese companies trading on US exchanges to be up double-digits on yet another day.
China Development Technology (CTDC) is up almost 20% to nearly $10. It has no new news.
China TechFaith (CNTF) launched a new dual mode phone. No one knows if it will sell a single unit. Shares are up 11% to $7.85.
Xinhua Financial (XFML) is up 15% with no visible news support.
It’s just troubling.
Douglas A. McIntyre