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Chinese Internet Stocks Extend Gains

John Seward

A group of Chinese Internet stocks extended recent gains Monday, even as broader measures of Chinese stocks fell slightly ahead of a Hong Kong holiday celebrating the city's 1997 return to Chinese rule.

Asian Internet giant Tencent (OTC: TCEHY) on Friday agreed to acquire a $736 million stake in 58.com (NYSE: WUBA), sometimes called China's Craigslist.

The deal may bolster Tencent in competition with rival Alibaba Group, expected to launch a much-anticipated initial public offering later this year.

Among the biggest gainers Monday, SINA (NASDAQ: SINA) rose nearly six percent to $50.62 a share. Sky-mobi (NASDAQ: MOBI) was up 5.26 percent to $8.40 and E Commerce China Dangdang (NYSE: DANG) picked up 3.27 percent to $13.25.

Sohu.com (NASDAQ: SOHU) increased nearly three percent to $58.20, Youku Tudou (NYSE: YOKU) also rose nearly three percent to $23.82.

Renren (NYSE: RENN) gained about one percent to $3.36, while Baidu (NASDAQ: BIDU) picked up 1.47 percent to $187.68.

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