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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	9/29/2011 3:29:00 PM
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China Internet Stocks Fall in NY on U.S. Probe By Joshua Gallu and Belinda Cao - Sep 29, 2011 Chinese Internet stocks tumbled in New York trading after a top U.S. securities regulator said the Department of Justice is reviewing allegations of accounting fraud at firms operating out of the Asian nation. Sina Corp., owner of the Twitter-like Weibo service in China, fell as much as 16 percent and Baidu, operator of China’s most popular online search engine, dropped as much as 12 percent after Securities and Exchange Commission Enforcement Director Robert Khuzami made the comments in an interview with Reuters that was published today. “There are parts of the Justice Department that are actively engaged in this area,” Khuzami told Reuters in comments about allegations of possible fraud that were confirmed by John Nester, a spokesman for the SEC. Laura Sweeney, a Justice Department spokeswoman, declined to comment on whether criminal authorities are involved. At least four Chinese Internet companies fell sharply today, triggering an SEC short-selling restriction that forces traders who want to bet on a further drop to wait after the stocks fell 10 percent from the prior day’s closing level. Sina’s shares slid 10 percent to $72.92 at 2:31 p.m. in New York. Baidu’s American depositary receipts declined 11 percent to $107.54. Each ADR represents 0.1 common share of the company. bloomberg.com

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