Sina (SINA, quote), the Chinese internet media company with four primary business including Sina Weibo, “China’s Twitter” has filed documents to list on a US exchange in the coming weeks/months. With all the fanfare surrounding social media around the world, this filing has been highly anticipated. Clearly the performance of other Chinese internet companies like BIDU (BIDU, quote, the “Google of China”) and Tencent (TCEHY, quote) has rewarded western investors for their faith in the growth coming from China’s massive internet opportunity.
The Chinese Internet space continues to trade well, in fact our EMCHI Index has touched fresh 52 week highs as index heavyweight Baidu (22% of index) has seen a technical breakout from the lows of Feb 5th.
China Internet Index (EMCHI) off another -4% today with the escalation of risk in markets and still no resolution on the accounting issues that are front and center.
As you track the Emerging Money China Intenet Index (EMCHI), we highlight news from key component, Tencent.
Clean sweep on the China data this week as last night’s Industrial Production and Retail Sales were solid.
Tonight on Fast Money as we highlight Twitter and growth in the internet space for information I will discuss Chinese internet stocks and the gargantuan move they have made and all that we realize and expected they could: