NEW YORK, NY -- (Marketwire) -- 07/06/12 -- 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 Chinese Internet stocks and provides equity research on Sohu.com Inc. (NASDAQ: SOHU) and E Commerce China Dangdang Inc. (NYSE: DANG).
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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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Sohu.com Inc. is a Chinese online media, search, gaming, community and mobile service group. The Company operates matrices of Chinese language Web properties, and it operates multi-player online games and Web-based games in the People's Republic of China. Shares of the company have fallen nearly 14 percent year-to-date.
E-Commerce China Dangdang Inc. operates as a business-to-consumer e-commerce company in the People's Republic of China. It primarily engages in the sale of books, audio-visual products, periodicals, and electronic publications through its Website dangdang.com.
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