NEW YORK, NY -- (Marketwire) -- 10/22/12 -- New data released the last Thursday showed China's economy grew at a rate of 7.4 percent in the third quarter. Although a decline from the previous quarter it was a much smaller drop off, signaling the worst may be over for the world's second largest economy. "The expectation now is that China's economy has bottomed out and we can look forward to better results in the fourth quarter," said Francis Lun, managing director of Lyncean Holdings in Hong Kong. Five Star Equities examines the outlook on Chinese internet stocks and provides equity research on Baidu.com, Inc. (NASDAQ: BIDU) and Renren Inc. (NYSE: RENN).
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Other recently released September data has also supported the notion that China's economic recovery is underway. Industrial production has increased 9.2 percent from a year-ago, and 3 percent from August, while retail sales have gained 14.2 percent from 2011.
"In the grand context of a global recession, this is an amazingly good job for a country that is so dependent on exports to the global economy," says Bosworth. "I think we are in a world where China's growth is going to moderate and I think it will stay in the range of about 7% to 8%."
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Baidu is the leading Chinese language Internet search provider. According to China-based research firm Analysys International Baidu held a 78.6 percent market share of the Chinese search market in the second quarter, followed by a 15.7 percent share from Google. The company is scheduled to release their third quarter financial results on October 29, 2012.
Renren operates the leading real name social networking internet platform in China. As of June 30, 2012 the company had approximately 162 million activated users. Nomura Holdings Inc. last month raised its recommendation on Renren from "reduce" to "neutral". Shares of the company have fallen over 13 percent in the last month.
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