Sina Gets Slammed by Beijing

In a move that smacks of increasing government intervention, the Beijing city government issued rules requiring users of Beijing city based micro-blogging companies to enlist their real names with service operators. The move is hammering Sina (NASDAQ:SINA) shares.

Chinese authorities are increasing their surveillance and controls on the Internet in a bid to control posting of state secrets and material that could be prejudicial to national security. The government also wants to censor any other material that could “disrupt social order.”

Micro-blogging platforms have witnessed lively and open public discussions on various topics — a development which is revolutionary for China. So, there will be an adjustment period.

Here’s how Chinese internet stocks are trading on the news:

Sina Corp. (NASDAQ:SINA): SINA shares recently traded at $48.42, down $4.38, or 8.3%. They have traded in a 52-week range of $52.11 to $147.12. Volume today was 5,998,299 shares versus a 3-month average volume of 6,171,460 shares. The company’s trailing earnings are $-6.42 per share. Get the most recent company news and stock data here >>

Baidu, Inc. (NASDAQ:BIDU): BIDU shares recently traded at $113.07, down $1.27, or 1.11%. They have traded in a 52-week range of $94.33 to $165.96. Volume today was 2,442,866 shares versus a 3-month average volume of 8,013,880 shares. The company’s trailing P/E is 43.83, while trailing earnings are $2.58 per share. Get the most recent company news and stock data here >>

Youku.com Inc (ADR) (NYSE:YOKU): YOKU shares recently traded at $17.68, up $0.5, or 2.91%. They have traded in a 52-week range of $13.76 to $69.95. Volume today was 391,298 shares versus a 3-month average volume of 3,064,450 shares. The company’s trailing earnings are $-0.27 per share. Get the most recent company news and stock data here >>

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