Sina.com stock extends losses in New York

Sina (SINA.NASDAQ), owner of China’s third-most popular website and creator of the popular Weibo microblogging tool, saw its share value decline for the fifth straight day of trading in New York, Bloomberg reported. Shares slid 6.1% by 4pm Thursday, their lowest level since March 18, after losing 11% the previous day. The MSCI China/Information Technology Index is down 6.3% this month, compared to a 2.2% decline in the benchmark emerging markets index. It appears that scandals plaguing other US-listed Chinese companies are finally beginning to erode the value of larger technology firms. Sina, Baidu (BIDU.NASDAQ) and Sohu.com (SOHU.NASDAQ) have seen an average decline of 17% since the end of April. The Securities and Exchange Commission (SEC) has revoked the registrations of eight Chinese companies since December, and more than 24 Chinese firms have disclosed auditor resignations or other accounting problems to the agency since March. Interactive Brokers group, an electronic market maker and securities firm, has raised margin requirements to 100% for some Chinese stocks: Sina and Sohu were among the more than 100 Chinese companies on the list.