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Chinese Stocks in the U.S.: Baidu, China Mobile, Renren, Xueda

Sept. 27 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, gained 2.8 percent, the most in a month, to 371.38. The New York Stock Exchange China Index advanced 2.3 percent to 224.52. The Shanghai Composite Index added 0.9 percent to 2,415.05.

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.

China Mobile Ltd. (CHL US), the world’s biggest phone carrier by subscribers, rose 1.6 percent, the most in almost two weeks, to $49.97. The company, flush with more than $50 billion in cash, doesn’t have any targets for potential acquisitions, Chairman Wang Jianzhou said in an interview in Dalian, China. The company’s cash is better spent on network upgrades at home, he said.

China New Borun Corp. (BORN US), which produces corn-based edible alcohol in China, rose 8.7 percent to $4.01, the highest since Sept. 1. The company’s three business projects for crude corn oil, liquid carbon dioxide and edible alcohol production were completed and put into service, it said in a statement today distributed by PR Newswire.

Renren Inc. (RENN US), the Chinese social-networking site that completed an $855 million initial public offering in May, climbed 4.5 percent to $5.59, the highest in a week. The company will buy online video-sharing site 56.com for $80 million in cash, it said in a statement today. The acquisition will be completed in the fourth quarter, the statement said. The price is “reasonable,” and Renren won’t “try to do too many” deals, focusing instead on integrating 56.com, Chief Executive Officer Joe Chen said in a phone interview today.

Youku.com Inc. (YOKU US), owner of China’s biggest online-video site, surged 7.3 percent to $20.27, the highest since Sept. 15.

Sina Corp. (SINA US), owner of China’s third-most popular website, soared 5.8 percent to $87.13.

Baidu Inc. (BIDU US), China’s biggest Internet company by market value, added 4.2 percent, the most in a month, to $127.72.

NetEase.com Inc. (NTES US), the second-biggest online games operator, jumped 5.5 percent, the biggest gain in more than a month, to $41.40.

Xueda Education Group (XUE US), a Chinese provider of tutoring services for primary and secondary school students, sank 10 percent to a record low of $3.16. The company cut its forecast for revenue this year, citing a revised compensation structure for its education consultants. The company also said it plans to buy back as much as $30 million of its American depositary receipts through open-market transactions.

To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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