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Youssef Squali, Internet and New Media analyst at Jefferies & Co. had the following to say about China Finance Online's (ticker: JRJC) Q2 2005 earnings results:

....We’re maintaining a HOLD rating on JRJC following the company’s announcement last night of soft results due to continued  weakness in Chinese equities in 2Q05. Both subscriber growth and pricing were below expectations. With Chinese equities  hovering around an 8-year low and lack of visibility into a turnaround, management’s ability to show sustained robust growth  in this environment is limited. We’re revising our revenue and EPADS estimates for FY05 and FY06 to $7.3M and $0.20, and  $7.42M and $0.21, respectively, down from $8.0M and $0.24, and $9.9M and $0.30, respectively. We carry a $6.10 fair market value.

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Source: Sell-side reaction to China Finance Online's earnings (JRJC 2Q05)