Chinese Stocks in the U.S.: Baidu, Biotics, Dangdang, Renren
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, advanced 0.1 percent to 433.27. The American Stock Exchange China Index gained 0.3 percent to 251.68. The Shanghai Composite Index fell 1.1 percent to 2,728.48.
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.
Baidu Inc. (BIDU US), which owns China’s most popular online search engine, rose 1 percent to $137.58, the highest since June 2. The company wants to be one of the first stock issuers on Shanghai’s international board when it starts, the China Securities Journal reported today, citing Chief Financial officer Li Xinzhe. Baidu’s fundamentals remain stable and there is no change in its long-term growth momentum, Li was quoted as saying.
China-Biotics Inc. (CHBT) , the maker of biotechnological products that was suspended from trading on June 15, chose to delist its shares from the Nasdaq Global Stock Market after the recent resignations of its former auditing firm and its chief financial officer.
China Botanic Pharmaceutical Inc. (CBP) , a medical products maker and distributor based in Harbin, China, plunged 16 percent to 75 cents, the lowest since December.
E-Commerce China Dangdang Inc. (DANG) , the country’s biggest Internet book retailer, gained 7.1 percent to $12.09, the highest since June 20. The company announced changes in management structure and in senior management to “better capture the growing market opportunities and address different product attributes,” it said in a statement today. Chief Operating Officer Roger Huang resigned for personal reasons, the statement said.
Renren Inc. (RENN US), China’s biggest social-networking website by page views, jumped 13 percent, the most since May 4, to $8.57. The company was given a new “outperform” rating at Credit Suisse, with a price target of $9.20.
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