Chinese Web/solar stocks fall amid NQ Mobile accusations, Shanghai selloff

Chinese Internet and solar stocks, many of which have skyrocketed this year, have closed with decent losses after the Shanghai exchange fell for the fourth day in a row amid credit crunch worries, and as NQ Mobile continued to feel the impact of Muddy Waters' fraud allegations.

Muddy Waters' detailed accusations regarding ghost addresses, a shell company, inflated market share figures, dubious cash balances, and spyware are likely to yield fresh scrutiny of the financial statements provided by Chinese ADRs, and could also affect the reception given to upcoming IPOs (I, II). Investor concerns about the bookkeeping of U.S.-traded Chinese firms had diminished some this year.

Chinese Internet decliners: VIPS -9.1%. AMAP -6.1%. YY -6%. QIHU -4.8%. PWRD -5.7%. CYOU -4.7%. SINA -3.8%. LONG -3.5%. YOKU -3%.

Chinese solar decliners: YGE -12.2%. JKS -9.4%. JASO -9%. DQ -7.2%. TSL -6.8%. CSIQ -4.8%CSUN -4.4%.

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Comments (4)
  • Jan H. Lessner
    , contributor
    Comments (1104) | Send Message
    Sooner or later MW will find something similar among the Chinese Solar stocks. STP will not remain the only case.
    25 Oct 2013, 06:44 PM Reply Like
  • flfisherman
    , contributor
    Comments (2) | Send Message
    Don't you find it odd that the negative article( in this case by MW) is almost always on the day following a positive review? MQ mobile & JA Solar ( etal) came after buys and strong growth was reported ? Apparently MW carries a bit more clout?
    27 Oct 2013, 08:56 AM Reply Like
  • marketaction4u
    , contributor
    Comment (1) | Send Message
    MW is a short seller and may have made a huge profit driving stocks down past Fri. Is this a calculated move clearly helping MW?
    27 Oct 2013, 01:41 PM Reply Like
  • moreofthesame
    , contributor
    Comments (739) | Send Message
    That was exactly my thought. The timing of this article is rather manipulative. I am surprised it had such an impact. I hope this will pass.
    27 Oct 2013, 04:44 PM Reply Like
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