Chinese tech stocks crater; many names down over 10%
Jul 7 2015, 10:42 ET | By: Eric Jhonsa, SA News Editor 
- The selloff in Chinese equities refuses to let up: Shanghai fell 1.3% overnight, Shenzhen fell 5.3%, and Hong Kong fell 2.7%. The declines come amid a backdrop of frantic government efforts to halt the plunge, and requests by hundreds of Chinese companies for trading halts.
- The lion's share of U.S.-traded Chinese Web and mobile firms are down at least 5%, and many are down more than twice that. In alphabetical order by ticker, major decliners include Autohome ( ATHM -10.6%), Biatuto ( BITA -18.7%), Baozun ( BZUN -22.7%), ChinaCache ( CCIH -14.6%), Cheetah Mobile ( CMCM -15.2%), China Mobile Games ( CMGE -13.2%), Ctrip ( CTRP -10.1%), Changyou ( CYOU -12.6%), Dangdang ( DANG -13.8%), iDreamSky ( DSKY -15.4%), E-House ( EJ -15.9%), Jumei ( JMEI -20.2%), Leju ( LEJU -12.1%), eLong ( LONG -12.6%), Momo ( MOMO -9.4%), NQ Mobile ( NQ -16.7%), NetEase ( NTES -12.2%), Qihoo ( QIHU -10.3%), Qunar ( QUNR -14.2%), Renren ( RENN -17.8%), SouFun ( SFUN -16.3%), Sohu ( SOHU -10.9%), Taomee ( TAOM -15.1%), Vipshop ( VIPS -9.7%), Weibo ( WB -10.9%), 500.com ( WBAI -26.2%), Wowo ( WOWO -26.7%), 58.com ( WUBA -17.3%), Xunlei ( XNET -14%), Youku ( YOKU -12.2%), and YY ( YY -9.4%).
- The plunge seen over the last two months (aided by panic selling and margin calls?) has led multiples for U.S.-traded Chinese tech names to compress dramatically, with forward P/E and P/S ratios often below those of U.S. peers sporting similar growth profiles. The Guggenheim China Tech ETF ( CQQQ -9.3%) is down 29% from a May peak of $45.64.
- ETFs: KWEB, QQQC, EMQQ
- Yesterday: Chinese tech stocks tumble again in spite of fresh government support
- Earlier today: Chinese phone firms decline as country's markets sink
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