Market Overview

Chinese Internet Stocks Extend Gains

Related SINA
Chinese Internet Stocks Move Following Alibaba Group Holding Ltd Open
China Internet Stocks Sluggish In Shadow of Alibaba Group Holdings Ltd
Traders Buying Up Social Media Stocks (Fox Business)

A group of Chinese Internet stocks extended recent gains Monday, even as broader measures of Chinese stocks fell slightly ahead of a Hong Kong holiday celebrating the city's 1997 return to Chinese rule.

Asian Internet giant Tencent (OTC: TCEHY) on Friday agreed to acquire a $736 million stake in 58.com (NYSE: WUBA), sometimes called China's Craigslist.

The deal may bolster Tencent in competition with rival Alibaba Group, expected to launch a much-anticipated initial public offering later this year.

Among the biggest gainers Monday, SINA (NASDAQ: SINA) rose nearly six percent to $50.62 a share. Sky-mobi (NASDAQ: MOBI) was up 5.26 percent to $8.40 and E Commerce China Dangdang (NYSE: DANG) picked up 3.27 percent to $13.25.

Sohu.com (NASDAQ: SOHU) increased nearly three percent to $58.20, Youku Tudou (NYSE: YOKU) also rose nearly three percent to $23.82.

Renren (NYSE: RENN) gained about one percent to $3.36, while Baidu (NASDAQ: BIDU) picked up 1.47 percent to $187.68.

Posted-In: ChinaNews Events Movers

 

Related Articles (BIDU + DANG)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters