Seeking Alpha

Chinese tech stocks rally following strong PMI print

  • Chinese tech names, already having a spring/summer to remember, are largely outperforming after China's August flash manufacturing PMI came in at 50.1, easily beating a consensus of 48.3.
  • Baidu (BIDU +2%), Dangdang (DANG +6.3%), Vipshop (VIPS +3.8%), Youku (YOKU +3.1%), Sina (SINA +2.7%), and Renren (RENN +2.1%) are among the winners.
  • However, LightInTheBox (LITB -7.9%), which crumbled on Tuesday due to a revenue miss and soft guidance, is adding to this week's losses, and making new post-IPO lows in the process.
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