Baidu Leads Weekly Advance as Weibo Surges 19% in Debut
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Chinese stocks trading in New York rose, posting their second weekly gain, on speculation the government will take additional steps to stimulate the economy. Weibo Corp. climbed 19 percent in its trading debut.
The Bloomberg index of the most-traded Chinese stocks in the U.S. added 0.7 percent to 100.52 yesterday. Baidu Inc., owner of the country’s most popular search engine, increased 4 percent this week while online fashion retailer Vipshop Holdings Ltd. jumped 10 percent. Weibo, the Chinese microblogging service owned by Sina Corp., surged on the Nasdaq Stock Market after pricing its initial public offering at the low end of the marketed range.