China Stocks Lead Biggest Gainers, Again (CTDC)(CNTF)(XFML)

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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