Chinese Stocks in the U.S.: E-Commerce China, Youku.com Surge
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, rose from a 16-month low, gaining 2.6 percent to 358.76. The New York Stock Exchange China Index increased 3.2 percent to 217.46. The Shanghai Composite Index fell 0.4 percent to 2,433.16.
The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.
E-Commerce China Dangdang Inc. (DANG) surged the most in a month, climbing 13 percent to $5.52. The biggest Internet book retailer in China named Justin Changqing Xiong as head of technology and said it will open two more fulfillment centers.
Global Pharm Holdings Group Inc. (GPHG) , which sells pharmaceutical products, tumbled 20 percent to $5.08. The company sold $10 million of convertible bonds to Blazer Delight Ltd. Blazer may elect to convert the bonds into common shares at $5 per share within two years, the company said in a regulatory filing.
Suntech Power Holdings Co. (STP US) lost 2.6 percent to $2.64. The world’s largest maker of solar panels was cut to “underperform” from “neutral” at Mizuho Securities USA.
Youku.com Inc. (YOKU) jumped 22 percent to $17.41. The owner of China’s biggest online-video site may become a target for mergers and acquisitions, Ming Zhao, an analyst with Susquehanna Financial Group, wrote in a research report. Tencent Holdings Inc. (TCEHY US), China’s biggest online-games company, and China Mobile Ltd. (CHL) are likely buyers of YOKU, Zhao wrote. The analyst raised the company to “positive” from “neutral,” citing its valuation. The 12-month target price is $21 per share.
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org