- The Shanghai exchange rose 2.8% overnight to a 7-year high, and has once more taken U.S.-traded Chinese Internet/mobile names higher with it.
- Major gainers include Renren (RENN +10.4%), Youku (YOKU +14.1%), SouFun (SFUN +10.8%), Weibo (WB +4.4%), Dangdang (DANG +7.9%), Momo (MOMO +9.7%), and iDreamSky (DSKY +4.9%). Ctrip and eLong are also up sharply, following news an investor group featuring Ctrip bought a 62.4% stake in eLong from Expedia.
- Renren, whose stable of online P2P lending investments has been drawing attention, is now up 31% since its May 12 Q1 report. Youku is up 33% since providing strong Q2 guidance to go with mixed Q1 results on Wednesday evening. Momo is up 44% since delivering market-pleasing Q1 results on Monday afternoon.
- ETFs: KWEB, CQQQ, QQQC-OLD