NEW YORK, NY -- (Marketwire) -- 11/20/12 -- Chinese stocks slumped last week after China announced the appointment of new government leaders. Bloomberg's Shanghai Composite Index (SHCOMP) fell to a seven-week low. "The composition of the top leaders indicates a go-slow approach to reforms of the financial markets and the economy and not in an aggressive way as expected by the market," said Dai Ming, a Hengsheng Hongding Asset Management Co. fund manager. The Paragon Report examines investing opportunities in Chinese Internet stocks and provides equity research on SINA Corp (NASDAQ: SINA) and Sohu.com Inc. (NASDAQ: SOHU).
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China's soft economy, which is set to grow at the slowest pace in over a decade, has caused a slowdown in China's advertising market. Major Chinese companies such as Baidu, Renren, and Tencent have recently warned of slowing advertising revenue growth in the fourth quarter.
"The absence of the Olympic Games event and decelerating economic growth in China may slow revenue growth rates for the online-advertising industry as a whole, including our own online-advertising business," Tencent said.
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Sina's digital media network, which consists 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. Shares of the company fell sharply last Friday after reporting that expects revenues to fall in the fourth quarter due to a slowdown in advertising demand.
Sohu.com is China's premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products. The company recently reported announced that its online game subsidiary, Changyou.com Ltd. began open beta testing of Battlefield Online, Changyou's first licensed online first-person shooter game on November 15, 2012.
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