NEW YORK, NY / ACCESSWIRE / October 9, 2018 / While one Chinese stock went way up, another one tumbled to a new low. Shares of Baidu hit a new low before rebounding on Monday to close modestly in the red. Shares of China Lending Corporation soared over 60% on news that it entered into a strategic cooperation agreement with Zhejiang Lixin Holding Co.
RDI Initiates Coverage on:
China Lending Corporation
https://www.rdinvesting.com/report/?ticker=CLDC
Baidu, Inc.
https://www.rdinvesting.com/report/?ticker=BIDU
China Lending Corporation shares galloped ahead in Monday's trading session, closing the day up 61.23% on significant trading volume compared to usual. The stock traded a little over 24 million shares compared to an average trading volume of just about 125,00 shares. The big jump came after the non-bank direct lending corporation servicing micro, small and medium sized enterprises that are currently underserved by commercial banks in China, announced that it has entered into a strategic cooperation agreement with Zhejiang Lixin Holding Co. Per China Lending Corporation's press release, "Lixin will make full use of its related resources in helping China Lending revitalize its business through possible reorganization and restructuring as well as assisting the Company to explore potential merger and acquisition opportunities." Ms. Jingping Li, Chairwoman and Chief Executive Officer of China Lending, commented, "We are excited about the opportunity to have Lixin as our new exclusive strategic partner as we try to right the ship for our micro lending business that has been struggling in recent quarters due to changing market conditions and financial difficulties with some customers. We look forward to developing this partnership in the coming months."
Access RDI’s China Lending Corporation Research Report at:
https://www.rdinvesting.com/report/?ticker=CLDC
Baidu, Inc. shares were down modestly by the close on the first trading day of the week on Monday. This was after the stock opened significantly lower and hit a new low of $198.19. Baidu shares managed to reverse by the end of the day but was among several other Chinese stocks to suffer losses as the Golden Week holiday came to an end. Major indexes in both Shanghai and Shenzhen were lower. The People's Bank of China (PBOC) made a one percentage-point cut in banks’ reserve-requirement ratios. "This monetary policy tweak is the fourth in 2018... and it suggests the PBOC are putting their greatest energies behind stimulating the flagging economy as opposed to the U.S.-China trade wars or [Federal Reserve] policy for that matter,” said Stephen Innes, the head of trading APAC, at OANDA.
Access RDI’s Baidu, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=BIDU
Our Actionable Research on China Lending Corporation (NASDAQ: CLDC) and Baidu, Inc. (NASDAQ: BIDU) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com