The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, tumbled 5.4 percent to 349.69, the lowest level since May 2010. The New York Stock Exchange China Index plunged 5.6 percent to 210.65. The Shanghai Composite Index sank 2.8 percent to 2,443.06.
The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.
U.S.-listed Chinese Internet companies fell on concern that the dimming global economic outlook makes shares with higher valuations less attractive. “When the market gets spooked, there is a flight to lower beta, lower risk stocks. Internet stocks are assumed to be high-beta,” said Jonathan Masse, a money manager at Walnut Creek, California-based Baochuan Capital Management LLC, which invests in Chinese stocks and options.
Baidu Inc. (BIDU US), China’s biggest Internet company by market value, plunged 11 percent, the most since October 2009, to $123.18.
Sohu.com Inc. (SOHU) , operator of China’s fifth-most visited website, sank 10 percent to a one-year low of $54.49.
Sina Corp. (SINA US), owner of China’s third-most popular website, tumbled 9.1 percent to a three-month low of $81.82.
NetEase.com (NTES) Inc, the second-biggest online games operator, declined 7.3 percent to $40.09, the lowest since January.
Ctrip.com International Ltd. (CTRP) , China’s biggest online travel agency, fell for a fifth day, losing 4.6 percent to $32.70, the lowest level since February 2010. The company’s board has approved a plan to purchase as much as $15 million of its American depositary receipts, it said in a statement distributed by PR Newswire.
JinkoSolar Holding Co. (JKS US), a Chinese maker of solar panels, gained 5.9 percent, the most in a month, to $6.10. No customers have canceled orders since pollution from a plant prompted protests and production was halted, Chief Financial Officer Zhang Longgen said on a conference call with analysts and investors.
Oil dropped to a six-week low after the Federal Reserve cited “significant downside risks” to the economy of the U.S., the world’s biggest crude consuming nation.
Cnooc Ltd. (CEO) , China’s largest offshore energy producer, plummeted 8.5 percent to $145.32.
PetroChina Co. (PTR US), the nation’s biggest oil producer, sank 3 percent to $112.49, a one-year low.
China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, slid 5.1 percent to a one- month low of $88.77.
To contact the reporter on this story: Belinda Cao in New York at Lcao4@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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