NEW YORK, NY--(Marketwire - Nov 19, 2012) - Chinese stocks slumped last week after China announced the appointment of new government leaders. Bloomberg's Shanghai Composite Index (SHCOMP) fell to a seven-week low. "The composition of the top leaders indicates a go-slow approach to reforms of the financial markets and the economy and not in an aggressive way as expected by the market," said Dai Ming, a Hengsheng Hongding Asset Management Co. fund manager. The Paragon Report examines investing opportunities in Chinese Internet stocks and provides equity research on E Commerce China Dangdang Inc. (NYSE: DANG) and Renren Inc. (NYSE: RENN).
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China's soft economy, which is set to grow at the slowest pace in over a decade, has caused a slowdown in China's advertising market. Major Chinese companies such as Baidu, Renren, and Tencent have recently warned of slowing advertising revenue growth in the fourth quarter.
"The absence of the Olympic Games event and decelerating economic growth in China may slow revenue growth rates for the online-advertising industry as a whole, including our own online-advertising business," Tencent said.
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E-Commerce China Dangdang is a leading business-to-consumer e-commerce company in China. Shares of the company surged over 12 percent last Thursday after they reported total net revenues in the third quarter rose to $204.9 million, an increase of 41.7 percent when compared to the year ago period.
Renren operates the leading real name social networking internet platform in China. Renren's platform includes a social networking website, an online games center, a social commerce website and a video-sharing website. The company had approximately 162 million activated users as of June 30, 2012. Renren reported their net loss grew in the third quarter of 2012 to $15.4 million, compared to a loss of $1.2 million in the year ago period.
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