NEW YORK, NY--(Marketwire - Sep 24, 2012) - Chinese stocks slumped last Thursday after week economic data sent the Shanghai Composite Index to its lowest level in nearly four years. The Shanghai Index fell to its lowest level since February 2009 after the HSBC Flash China manufacturing purchasing managers' index signaled a 11th month of contraction in September. Five Star Equities examines the outlook for Chinese Internet stocks and provides equity research on Renren Inc. (
China's gross domestic product has contracted for six consecutive quarters. The country's GDP in the second quarter expanded 7.6 percent, which was the smallest growth in three years. Tensions between China and Japan, the second and third largest economies in the world, over disputed islands could pose a major threat for their bilateral trade market, which has grown to over $340 billion in the last decade.
"There's concern the islands incident may escalate and exports may be impacted," Jianghai Securities Co. analyst, Xu Shengjun, said by phone Bloomberg reported. "The economic data don't look good. The stock market won't improve in the near term with these concerns."
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Renren operates the leading real name social networking internet platform in China. The company recently reported that it has invested $49 million in Social Finance Inc. (SoFi), a San Francisco-based private lending company. "With gaming and e-commerce socialized, as exemplified by social gaming and social commerce, we expect the next wave will be finance and education; SoFi lies at the nexus of that revolution." said Joseph Chen, Renren's Chairman and CEO.
E-commerce China Dangdang Inc. is a leading business-to-consumer, or B2C, e-commerce company in China. As of June 30, 2012, the company offered more than 840,000 books and other media products which they believe is the largest selection available both online and offline from a single retailer in China.
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