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Chinese Dot-coms Nosedives at Nasdaq
The four Chinese dot-com companies listed at the US Nasdaq stock market all dived to below US$10 per share on Monday, echoing the worldwide across-the-board slump of the Internet-based economy.
Sina.com.cn, the biggest portal website of China, closed at US$9 a share on Monday, declined four percent from the previous trading session. The price is less than half of its issuing value at US$20 in April this year.
And, the Hong Kong headquartered china.com, the country's first dot-com listed at the Nasdaq last year, closed at US$9 and 9/16. The highest price of the stock once rose to more than US$80 during those hay days of dot-coms last year.
Another two Chinese listed Internet shares, sohu.com and netease.com, listed later than sina.com, both closed below US$5, a benchmark for junk shares. The lowest price for netease.com is recorded at US$3.75 on Monday.
The four dot-coms are currently China's Internet front-runners, all getting off to a bumpy start at the stock market because of the uncertainties hovering around the so-called ``new economy.'' The four all have heavy injections of overseas venture capitals.
The technology-laced Nasdaq Composite Index closed down 5.45 points on Monday, at 3,355.56. [Source: chinadaily.com.cn]
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