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Investors and traders in China’s main financial district are talking about the following before the start of trade today:
The U.S. frenzy in China’s Internet stocks reached another milestone overnight: money-losing Chinese social media site Renren climbed by 28.6% on its New York Stock Exchange trading debut. That left the company’s valuation at $7.1 billion, or more than 90 times its 2010 revenue. Joe Chen, the chairman who became a paper billionaire through the listing, reduced his holding during the IPO. See related storyhere.
Among other U.S. traded stocks, economic hotel chain Home Inns slid 0.4%. The company has reached an agreement to buy 59% of another large Chinese economy hotel chain, Motel 168, from Morgan Stanley for no more than $500 million, the China Business News reported today. Motel 168 is appealing to buyers in part because of good long-term growth prospects in China’s travel industry. One sign of continued expansion this year: the Shanghai Securities News reported today that sales of airline tickets business in the first quarter rose by 9.3% from a year earlier to 67 million fares.
Domestic and Hong Kong stocks fell yesterday on worries about the impact of the government’s credit-squeezing measures on the economy and the fallout from regional interest rates increases around Asia. Tighter monetary policy in the mainland is dampening money raised through IPOs. Funds raised through IPOs in the first four months of 2011 fell by 19% from a year earlier to 120 billion yuan, $18.5 billion, the Shanghai Securities News said today.
Its shares off by about a third since last summer amid government efforts to curb real estate prices, Shimao Property Holdings may spin off its hotel business, the company said in an announcement at the Hong Kong Stock Exchange yesterday. Among its U.S. partners in the industry is the Hyatt. Chairman Hui Wing Mau ranked no. 14 on the 2010 China Rich List with wealth of $3.6 billion.
Three companies will begin trading on domestic exchanges today: Jiangsu Yitong High-Tech (300211) a manufacturer of radio and television communication equipment, Beijing E-Hualu Info Technology (300212), an intelligent transportation system designer, and Beijing Jiaxun Feihong Electrical (300213) is a communication equipment maker.
And three companies will list in the mainland tomorrow: Jiangsu Jixin Wind Energy Technology (601218) produces wind turbines for GE and others; Huizhou China Eagle Electronic Technology (002579) makes printed circuit boards (PCB) for, among others, Sony and Sanyo, and Shandong Sacred Sun Power Sources (002580), produces batteries. Its clients include American Power Conversion
–With Maggie Chen
source: forbes.com
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