Mergers and acquisitions in China’s Internet industry spurred gains in the sector’s New York-listed stocks, with Ctrip.com International and Sohu.com (SOHU.NASDAQ) leading the way, Bloomberg reported. The rally was fueled by the May 10 announcement that Alibaba Group Holding would buy a stake in online map provider AutoNavi Holdings (AMAP.NASDAQ) shortly after buying a large stake in Sina’s (Sina.NASDAQ) Weibo. Last week Baidu (BIDU.NASDAQ), which runs the predominant search engine in China, bought PPS Net’s Internet video service, regarded as China’s Netflix. Both Goldman Sachs and HSBC raised the rating on Sina to buy and overweight (buy equivalent) respectively.
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