The world's most populous nation is warming up to social networking, restrictive shackles and all. Chinese social site Renren, with its 117 million users, filed to go public last week, giving stateside investors another shot to cash in on China's online revolution from the inside.
Cnooc, China's most visible offshore oil producer, announced record-high net profits for 2010, helping to send Asian oil shares higher.
A fall in U.S. applications for unemployment benefits sparked a buying spree in Asia. In Hong Kong the Hang Seng Index gained 1.2%, the Shanghai Composite Index advanced 1.4% and Japan's's Nikkei 225 Index added 1%.
Groupon has entered China via its investment in GaoPeng.com, the group-buying site that launched in Beijing and Shanghai yesterday.
Positive earnings outlooks among some of Japan's major companies continued to boost investor sentiment. Japan's Nikkei 225 Index added 0.4% to close at 10,636. Hong Kong's Hang Seng slid 0.3% to end the day at 23,484. Markets in China remained closed for Chinese New Year.
Bargain hunters poured money into Chinese shares Friday, sending the Shanghai Composite Index surging 1.4%. In Hong Kong, however, the Hang Seng Index lost 0.5%, and in Japan, the Nikkei 225 tumbled 1.6%.
Asian markets headed higher on Wednesday. In Hong Kong, the Hang Seng climbed 1.5% to 12,126 and in China the Shanghai Composite Index advanced 0.6% to 2,821. Japan's Nikkei 225 Index was virtually unchanged at 10,513.
Some of Wednesday's top online stories for investors, including the Internet company you should be watching, why it's time to focus on silver, and how the Amish make great entrepreneurs.
China's TenCent is one of the world's largest pure-play Internet companies, and its shares are sizzling. But for a stealthy way to invest in TenCent at a major discount, buy South African media giant Naspers.