eLong makes strong New York debut

Online travel agency eLong Inc made its NASDAQ debut unscathed by the People's Bank of China's first interest rate hike in nine years. eLong's American Depositary Receipts, which were priced at US$13.50, rose 15%, to US$15.54, as other China stocks slipped down, a slide analysts blamed on the central bank's 27 basis point rate hike. The Beijing-based travel agency, which is focused on corporate as well as consumer travel, was started in 1999 just ahead of the NASDAQ technology and dotcom crash. Sentiment for Chinese counters has revived after accounting irregularities emerged at China Life and other companies. Recruiting company 51job Inc started trading on the NASDAQ at US$14 in late September and on eLong's first day of trading, shares were selling for over US$30.