NEW YORK, NY -- (Marketwire) -- 04/06/12 -- Chinese internet stocks impressive first quarter has stalled recently as there have been concerns about China's economic growth. Chinese Premier Wen Jiabao, in his annual state-of-the nation report, forecasted the growth rate for 2012 would be 7.5% down from last year's 9.2% growth rate. The Paragon Report examines the outlook for companies in China's Internet sector and provides investment research on Baidu.com, Inc. (NASDAQ: BIDU) and E Commerce China Dangdang Inc. (NYSE: DANG).
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"China's Internet stocks, especially the bigger names like Sina and Baidu, still have lots of room for growth going forward," Agnes Deng, a Hong Kong-based portfolio manager stated in a recent Bloomberg interview. There are over 500 million Chinese users on the internet. The potential for growth in China is extreme; as it is estimated only 40% of China is online.
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Baidu, Inc., the leading Chinese language Internet search provider, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011. Total revenues in the fourth quarter of 2011 were RMB4.474 billion ($710.9 million), an 82.5% increase from the corresponding period in 2010.
E-Commerce China Dangdang Inc., a leading business-to-consumer e-commerce company in China, announced that it formed a strategic alliance with Gome Online and launched a B2B2C e-commerce platform in Dangdang's marketplace focusing on electronics and computers products. Gome Online is the online retail of Gome Electrical Appliances Holding Ltd., a leading Chinese electronics retailing brand.
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