Techfaith miss drives Asia ADR fall
27 September 2006
China Techfaith Wireless Communication Technology led a US fall in Asian stocks during Tuesday trading after the mobile-handset designer announced third-quarter revenue will miss its forecast by US$15-16 million, Bloomberg reported. The Bank of New York's Asia ADR Index, which tracks the region's American Depositary Receipts, slid 0.2% to 139.62, with China Techfaith the worst performer, down 10% to US$7.60. China Mobile, the country's largest mobile-phone operator, dropped US$1.27 to US$34.98, and smaller rival China Unicom lost US$0.09 to US$9.73. China Techfaith came in under target after it failed to sign up an international customer and canceled two design projects.