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YY Inc rises on NASDAQ

By Ji Beibei (Global Times)

10:41, November 30, 2012

US investor confidence in Chinese stocks is recovering, but an IPO window for Chinese firms in the US market may not open in the near future, industry analysts said Thursday, after stocks of YY Inc, the first Chinese firm to list in the US since April, closed up 6.7 percent on the NASDAQ Wednesday.

"Market sentiment is improving, as dedicated short-sellers have shown less interest in Chinese stocks and many firms accused of irregular practices have withdrawn from the US stock market," Zhong Rixin, an analyst at Beijing-based financial services information provider, told the Global Times Thursday.

Carson Block, founder of Muddy Waters LLC, told media Tuesday that it has gotten harder to make a profit from shorting Chinese stocks.

The average stock price of US-listed Chinese companies has dropped by 50 percent compared with the previous year, the Shanghai-based National Business Daily (NBD) reported Thursday.

Over the past two years, Muddy Waters has accused some Chinese firms of accounting fraud, causing some targets' stock prices to tumble.

However, other targets, like New Oriental Education & Technology Group and Focus Media Holding, saw their stock prices rebound after an initial plunge when their conduct was questioned.

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