Sina Stock Falls on Anti-Porn Crackdown: China Overnight
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Sina Corp., owner of China’s biggest Twitter-like service, sank to a one-year low after the state-run news agency said it was looking at revoking two of the company’s licenses amid a crackdown on online pornography.
American depositary receipts of Sina declined 3.1 percent to $51.64 yesterday, extending this week’s plunge to 8.7 percent. The Bloomberg index of the most-traded Chinese stocks in the U.S. rose 0.1 percent to 99.48. YY Inc., a social entertainment website, dropped the most in two weeks while video website Youku Tudou Inc. slid 5.3 percent. Baidu Inc., the owner of China’s largest Internet search engine, surged in after hours trading as earnings beat analysts’ estimates.