China’s economy could expand between 7 and 7.5 percent in 2013 a level that makes it a new normal, Paul Gruenwald a Standard & Poor’s economist wrote in a report yesterday, that adding slow expansion will make its growth more solid. Alibaba Group is a China’s biggest e-commerce company. According to Investment banks Alibaba value is $120 billion that makes it the third-biggest Internet Company on the basis of market capitalization. Alibaba Group Holding Ltd. is planning initial public offering (IPO) in New York that will help Chinese Internet companies to extend rallies from Sina Corp. to Baidu Inc. Company is seeking help from U.S. law firms to initiate IPO.
Michael Kass, a New York-based portfolio manager at Baron Capital Inc. said “This will be the most significance e-commerce company IPO in the world after to Amazon.com, Inc. (NASDAQ:AMZN)” Alibaba acquired an 18 percent stake in April, in Twitter-like Weibo which has jumped 64 percent this year. Baidu Inc (ADR) (NASDAQ:BIDU), is the China’s most-used search engine, has gained 50 percent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S., declared a best quarterly gain in three years with a 19 percent increase, added 0.4 percent to 102.2 yesterday in New York.
Nation’s biggest online travel agency Ctrip.com International Ltd. (CTRP), jumped 8.2 percent to $55.55 in New York, reached its highest level since its IPO in U.S. Vivian Hao, a an analyst from Hong Kong wrote a note yesterday that Ctrip “is rapidly emerging as a clear travel agency leader,”
An after-school tutoring service provider company Tal Education Group (XRS), based in Beijing, raised 6.3 percent to $14.88 in New York, the highest price since January 2011.
Sina added the biggest rally in three weeks in which its added 3.9 percent to $82.50. Baidu Inc (ADR) (NASDAQ:BIDU) advanced 0.4 percent to $150.68 which is the highest close since April 2012. Vipshop climbed 2.2 percent to $58.36, snapping a three-day retreat. The country’s largest online book retailer Dangdang Inc. (DANG), added 2.2 percent to $9.62, raising its profits this year to 132 percent. The iShares China is the largest Chinese exchange-traded fund in (ETF) the U.S., dropped 0.5 percent to $37.92 in New York. After Wal-Mart Stores Inc cut orders the Standard & Poor’s 500 Index slipped 0.3 percent and there is a threat to growth because of a political showdown over government spending.
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