Several notable Chinese stocks were able to pare big losses Tuesday as the market rallied in the afternoon: Alibaba (BABA), Cheetah Mobile (CMCM), NetEase (NTES) and 58.com (WUBA). Alibaba fell as much as 5% in quick trade on the stock market today, hitting a new all-time trading low. Shares closed the session down a fraction. The e-commerce giant is trading 33% below its high of 120 reached last November. Cheetah Mobile also tested its 200-day
China’s NetEase (NTES) has a strong games pipeline, said an analyst in a bullish report that didn’t help the stock amid China’s economic woes. Those games continue to include Chinese rights to U.S.-based Activision Blizzard’s (ATVI) popular “World of Warcraft” and “StarCraft II.” Even so, the China-based video game firm’s stock price took a hit on Tuesday as a wide swath of U.S.-listed China stocks collapsed amid that nation’s economic woes.
Chinese gaming site NetEase (NTES) has a highest-possible IBD Composite Rating of 99. It’s on the IBD 50 list of leading stocks, and its shares hit a new all-time high on Wednesday. At E3, the Electronic Entertainment Expo, IBD got some insight about the company’s success from its North America studio GM, David Ting. Rather than build a market from scratch, NetEase looks for mature markets for its products, according to Ting. Take mobile gaming,