Emerging Money China Internet Index (EMCI) is poised to bounce at 79 on the index leaving at the 20 day moving average support.
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.
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:
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.