NEW YORK, NY -- (Marketwire) -- 08/28/12 -- Chinese Internet stocks have struggled in 2012, as concerns mounted that China would face a major economic slowdown. After hitting multi-year lows, shares of many major Chinese internet companies have rallied sharply in recent weeks. Bidu, Sina, Sohu and Yoku have all seen double digit percentage gains in their share prices after reporting earnings that beat expectations. The Paragon Report examines investing opportunities on Chinese Internet stocks and provides equity research on SINA Corp. (NASDAQ: SINA) and Renren Inc. (NYSE: RENN).
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Despite growing concerns of an economic slowdown in China, online advertising revenue has grown 54 percent in the second quarter year-over-year according to Analysys. Despite having an online population that is larger than the combined populations of United States and Brazil, the third and fifth largest countries, China has lots of room for internet growth. China Internet Networks Information Center reported that the country's online population was 538 million. China's Internet penetration rate is at 39.9 percent, compared to the 77.3 percent penetration rate of the U.S. according to Internet World Stats.
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Sina's digital media network of SINA.com (portal), SINA.cn (mobile portal) and Weibo.com (social media) enable Internet users to access professional media and user generated content in multi-media formats from the web and mobile devices. For the second quarter of 2012, SINA reported net revenues of $131.6 million, compared to $119.0 million for the same period last year.
Renren operates the leading real name social networking internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. The company reported second quarter total net revenues of $44.8 million, a 47.5 percent increase from the corresponding period in 2011.
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