Shares of Renren and Sina Corp on the Downturn as China's Internet Population Starts to Stagnate
December 15 2011 - 8:16AM
Marketwired
Chinese tech stocks have been on the downswing of late as cooling
Chinese inflation has signaled weaker economic growth in the
nation. China's economic growth rate may continue to slow,
bottoming out in the first or second quarter while recovering
moderately in the third or fourth quarter, the state-run China
Securities Journal reported earlier this week. The Bedford Report
examines the outlook for companies in China's Internet Sector and
provides stock research on Renren, Inc. (NYSE: RENN) and Sina
Corporation (NASDAQ: SINA). Access to the full company reports can
be found at:
www.bedfordreport.com/RENN
www.bedfordreport.com/SINA
China's economic growth rate is likely to be around 9.2% this
year and slow to a range of 8.5% to 8.8% next year, Ba Shusong, a
deputy director-general of the Financial Research Department of the
Development Research Center, said.
In the first half of 2011, China's internet population added 27
million Internet users over the last six months, bringing the total
number to 485 million, according to official statistics. According
to China Internet Network Information Center (CNNIC), the country's
internet growth rate is showing "pronounced" signs of slowing going
forward.
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China's total Internet penetration is a mere 36.2 percent -- far
behind the U.S., which is at 77.3 percent, according to Internet
World Stats. The low Internet penetration in China leaves 815
million people who do not use the Internet, according to the CNNIC.
CNNIC says the deceleration in the growth rate of total users
mainly reflected the weak online skills of China's huge population
of rural and older people, most of whom don't know how to use a
computer.
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