American Depositary Receipts of Chinese companies were mostly lower on Monday, the first day of the Hong Kong-Shanghai Stock Connect, the program that gives global investors access to mainland China's stock markets and allows wealthy mainland investors to buy Hong Kong-listed shares. Trade in both directions is limited by a daily volume quota. The move in ADRs comes after Chinese stock markets rallied initially but then fell back, with Hong Kong's Hang Seng Index closing down 1.2% and the Shanghai Composite Index ending down 0.2%. Among the bigger ADR movers, Baidu.com was trading down 4.3%, China Finance Online shed 7.4%, E-Commerce China Dandang was off 3.6% and Alibaba Group Holding was off 0.8%. In the solar sector, JinkoSolar was down 5.5%, Yingli Green Energy ]s" yge] fell 4.4% and Trina Solar was down 3.1%. The FXI iShares China Large-Cap exchange-traded fund fell 2.8%.
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