Ctrip.com International Ltd., Qunar Cayman Islands Ltd. and eLong Inc. tumbled, sending Chinese stocks in the U.S. lower for a second week, on concern growing competition will cut profits at online travel companies.
Robert Xiao is the head of one of China's oldest video-game companies. The rise of mobile gaming should probably keep him up at night, but the CEO of Perfect World isn't intimidated by the new kids in town.
Chinese stocks fell the most in a month in New York, as Perfect World Co. sank after forecasting sales below analysts’ estimates while Suntech Power Holdings Co. slid amid debt restructuring and plans to close a U.S. plant.
Perfect World Co., a Beijing-based online-game developer, jumped the most since 2007 in U.S. trading after reporting fourth-quarter net income that was almost double the average of analysts’ estimates.