Dangdang Gains as Yanzhou Coal Discount Widens: China Overnight
By Leon Lazaroff - Tue May 15 21:48:27 GMT 2012
March 20 (Bloomberg) -- Conor Yang, chief financial officer at E-Commerce China Dangdang Inc., Chinas biggest Internet-based book retailer, talks about the company's business strategy and the industry. He speaks in Hong Kong with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
May 15 (Bloomberg) -- Alicia Yap, head of China Internet research at Barclays in Hong Kong, talks about the outlook for Chinese Internet companies and investment strategy. She speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)
Chinese Internet stocks gained in New York, on prospects Facebook Inc. (FB)s increased offering price will spur demand for industry assets while Yanzhou Coal Mining Co. (YZC)s discount swelled as coal prices fell.
Renren Inc. (RENN), a social networking website, climbed the most in a month, and Internet bookstore E-Commerce China Dangdang Inc. (DANG) posted the steepest advance in three weeks. American depositary receipts of Yanzhou traded at the biggest discount to the shares in Hong Kong since December as coal prices fell for the first time in three years. The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. extended its nine-day slump to 9.2 percent.
Chinas Internet stocks benefited from Facebooks decision to increase the price range on its IPO to as much as $38 a share from $35, implying a market value of as much as $104.2 billion. That would make Facebook worth more than Citigroup Inc. (C) and McDonalds Corp. Beijing-based Renren reported yesterday a first-quarter loss of 3 cents a share, below the median forecast for 4 cents a share by eight analysts surveyed by Bloomberg.
All the talk on the street about Facebook is driving retail investors in particular to look for stocks that might gain on social media in China, Echo He, a New York-based analyst who covers Chinese Internet stocks for Maxim Group LLC, said in a phone interview. Renrens second-quarter outlook is weak because advertising is weak, but investors are hoping it can do as well as Facebook.
The iShares FTSE China 25 Index Fund, the biggest Chinese exchange-traded fund in the U.S., was little changed at $34.72 while the Standard & Poors 500 Index slid 0.6 percent to 1,330.66.
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Dangdang Gains as Yanzhou Coal Discount Widens: China Overnight
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