Chinese search engine and online services provider Baidu announced this morning it expects to have 100 million users for its personal cloud service by year-end.
Monday’s enforcement action by the U.S. Securities and Exchange Commission against the China-based affiliates of the Big Four accounting firms sent Chinese stocks tumbling on Tuesday, many to multi-year lows.
Stock price action offers signs of encouragement for China’s beleaguered market. The Shanghai Index climbed +2.9% on impressive volumes, taking markets back to where levels were before the big run-up in September and breaking through key technical levels above 2000.
It’s been perverse dynamic in the equity market for Chinese shares. Investors have been torn between the hard- versus soft-landing debate for the last year as economic data continues to weaken.