Every week, the ChinaCache blog will bring to you one translated article that was originally published in Chinese. This week, we bring you an insightful look into the Chinese mobile phone market. The original article was published here on April 25th, 2016.
At the opening of the market on Monday US time, there appeared to be a number of underperforming Chinese stocks.
At the time of publishing, the Dow Jones Industrial Average is at 17948.96 points, with a decrease of 54.79 points (-0.30%). S&P 500 is at 2085.63 points, with a decrease of 5.95 points (-0.28%). Nasdaq composite is at 4894.53 points, with a decrease of 11.70 points (-0.24%).
For Chinese concept stocks (Chinese stocks that are on both Chinese as well as international markets), it was a mixed bag. Jingling (NASDAQ: JD) dropped 1.87%, 56.com Inc (NYSE: WUBA) dropped 2.45%, China Distance Education Hldgs (NYSE:DL) dropped 3.36%. Sky-Mobi (NYSE:MOBI) rose 1.85%. Renren.com (NYSE:RENN) rose 2.24%.
Sina (NASDAQ:SINA) chairman and CEO Cao Guowei revealed over the weekend that he has not yet considered selling off Sina or Weibo (NASDAQ:WB). “These two businesses are different, one is slow to grow, the other is growing rapidly. If there is a good opportunity, we will find a market to make a transaction. But as of now, we do not have such plans,” says Mr Cao. Previously, there were rumors that Sina or Weibo may be sold to Alibaba. Due to this rumor, the price of these two companies’ stocks experienced great growths recently. Sina is valued at $50.99, down by $0.12 (-0.24%). Weibo’s selling at $23.98, with an increase of $0.27 (+1.14%).
Sohu (NASDAQ:SOHU) released today its unaudited results for Q1. The report shows a loss of $20.3M, with a loss per share of 53 cents. Revenue was $408M. Sohu projects that its second quarter profits per share will be between $1.30 and $1.55, with revenues projected to be between $420M and $450M. Sohu’s stock was valued at $46.58 this morning, with a decrease of $1.12 (-2.36%).
Changyou.com (NASDAQ:CYOU) also released its Q1 results. Its revenues were $130M, with a loss of 38%. Profits were $32M, while last year’s was $48M. The company projects that its Q2 revenue will be between $120M and $130M, while its projected, non-GAAP profits will be between $300M and $350M USD. Changyou’s stock price this morning was at $18.49, with an increase of $0.16 (+0.87%).