SOURCE: Paragon Financial Limited

Paragon Financial Limited

July 03, 2012 08:20 ET

Baidu and Renren Shares Fall as Manufacturing Growth in China Shrinks

The Paragon Report Provides Stock Research on Baidu and Renren

NEW YORK, NY--(Marketwire - Jul 3, 2012) - Chinese Internet stocks took a hit earlier this week after numbers out of China showed manufacturing for the country grew at the slowest pace this year. The Bloomberg China-US Equity Index (CH55BN) in the second quarter dropped 11 percent, the index's worst since third quarter of 2011. The Paragon Report examines investing opportunities in the Resorts and Casinos Industry and provides equity research on, Inc. (NASDAQ: BIDU) and Renren Inc. (NYSE: RENN).

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There have been growing concerns that the recent slowdown in China, the world's second largest economy, would force companies to cut ad spending. On Sunday, the National Bureau of Statistics in Beijing stated that the China Manufacturing Purchasing Managers Index fell slightly to 50.2 from 50.4. If the index were to fall below 50 it would signal contraction in the manufacturing sector. 

"As Chinese industrial consumption goes down, ad spending, Internet spending is also going down," Michael Ding at U.S. Global Investors, said by phone according to Bloomberg. "The impact is being felt by Internet stocks that are very sensitive to macro numbers."

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Baidu is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. The company has recently stated that Apple will be entitled to a share of advertising revenues. The Chinese search engine was recently added to iPhones in China in a recent Apple software update. 

DeNA Co., Ltd., Japan's leading Internet company, and Renren, a leading real-name social networking Internet platform in China, have recently reported that DeNA's Chinese subsidiary (DeNA China) and Renren have entered into an agreement to bring mobile games from around the world to Renren users through DeNA's Mobage social gaming platform.

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