Shares of Chinese car websites extend rally in US

PUBLISHED : Wednesday, 14 October, 2015, 12:20am
UPDATED : Wednesday, 14 October, 2015, 12:20am

The American depositary receipts of Chinese car websites extended their one-month rally in  New York on Tuesday morning, standing out in an otherwise flat session for Chinese stocks  that mirrored an earlier sluggish market performance in China.

Autohome shares rose 2.76 per cent to US$35.30 and Bitauto shares gained 2.8 per cent to US$33.70.

The two online car trading platforms have risen more than 20 per cent since the middle of last month,  although they are still well off one-year highs after falling steeply during the summer when Chinese markets crashed.

Online travel agency Ctrip rose 3.15 per cent to US$69.40 and NetEase added 1.13 per cent to US$132.61. Alibaba lost 0.48 per cent to US$69.90.

China’s markets rose slightly on Tuesday, with the benchmark Shanghai Composite closing 0.17 per cent higher,   spurring little enthusiasm for Chinese ADRs.

Meanwhile, Swiss bank UBS has agreed to pay US$19.5 million to settle charges “it made false or misleading statements and omissions” when marketing structured notes to US investors, the US Securities and Exchange Commission announced on Tuesday.