Chinese Stocks in the U.S.: Baidu, Sina Tumble; Spreadtrum Gains
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 2.6 percent to 349.91. The New York Stock Exchange China Index slid 2.4 percent to 212.50. The Shanghai Composite Index retreated 0.3 percent to 2,359.22, the lowest level since April 2009.
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.
Internet stocks fell after China’s Cabinet’s State Internet Information Office called on internet companies to “strengthen management of information publication,” according to the official Xinhua news agency, and after the U.S. Securities and Exchange Commission said yesterday that the Department of Justice had launched investigations into allegations of accounting fraud at Chinese firms.
Baidu Inc. (BIDU US), China’s biggest Internet company by market value, dropped 3.1 percent to $106.91, the lowest since Jan. 28.
NetEase.com (NTES) Inc, the second-biggest online games operator, fell 2.1 percent to $38.16, the lowest since Jan. 10.
Sina Corp. (SINA US), owner of China’s third-most popular website, fell 2.2 percent to $71.61, the lowest since Jan. 3.
Sohu.com Inc. (SOHU) , the operator of China’s fifth-most visited website, sank 4.8 percent to a one-year low of $48.20.
BCD Semiconductor Manufacturing Ltd. (BCDS US), an analog integrated device manufacturer, sank a record 11 percent to $5. The company revised its third-quarter earnings estimate to $39 million from a range of $43 million to $45 million, according to a statement issued by Globe Newswire. Raymond James downgraded the company to “underperform” from “outperform.”
Cnooc Ltd. (883) , China’s largest offshore energy producer, fell 5.1 percent to $160.30. The company’s $7.1 billion purchase of Pan American Energy LLC, the Argentine assets of BP Plc (BP/) , is at risk of collapse after the transaction hit opposition from politicians and may not be completed until after the accord expires in November.
Spreadtrum Communications Inc. (SPRD) , a mobile-phone chip maker, jumped 7.2 percent to $17.95. The company will recognize more than $8 million in research and development grants in the third quarter of 2011, offsetting its operating expenses, due to the completion of its TD-SCDMA research and development project, according to a statement released by PRNewswire today. Chief Executive Officer Leo Li said the company is unaware of any active investigation of its corporate structure or accounting practices.
To contact the reporter on this story Katia Porzecanski in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org