The New York Stock Exchange stopped trading in Longtop Financial Technologies’ (LFT.NYSE) American depositary receipts on Tuesday, citing “news pending” as the reason for the halt, the Wall Street Journal reported. Longtop, similar to a dozen or more recently halted Chinese stocks, has been fighting accusations of fraud and mismanagement. Investors – who have more […]
Category: Tech, Media & Telecom
Tencent Holdings (0700.HK) has acquired an approximate 16% stake in eLong, a Chinese online travel service provider, for US$84.4 million, Dow Jones reported. It is Tencent’s first significant investment in the travel market, and highlights the company’s desire to fuel growth outside its core businesses of online games and messaging. Upon completion of the deal, Tencent – an online game […]
China’s software piracy rate declined from 14% to 12% in 2010 compared to a year earlier, according to a survey by internet research firm Chinalabs, state media reported. However, the report, commissioned by the State Intellectual Property Office, showed that the value of illegitimate software increased by 1.55% to US$20.1 billion last year. Piracy-related losses […]
Sina (SINA.NASDAQ), which operates China’s third-most visited website, posted a first-quarter profit which missed estimates as it spent to promote its new microblogging service Weibo, Bloomberg reported. Net income fell to US$15 million, down from US$24.4 million a year earlier. Analysts had expected a figure of US$15.4 million. Sales increased by 18% to US$100.2 million during the […]
Chinese dating site Jiayuan.com (DATE.NASDAQ), frequently referred to as “China’s Match.com,” opened flat after it listed on the NASDAQ exchange yesterday, Dow Jones reported. The company’s shares opened at US$11 per share, on par with its initial public offering (IPO) price and sold nearly 7.1 million shares within a narrow range of that price. Beijing-based […]