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Trade idea: Buy Sina on China’s biggest shopping day
Beijing-based trader Fredrik Oqvist, Founder of ChinaRAI, is looking to buy social media platform Sina, owner of China's Twitter-like Weibo service, ahead of its third quarter results.
He says it tripled its ad revenue in the previous quarter and analysts are expecting strong revenue for this quarter too.
Alibaba group, China's biggest e-commerce company, bought an 18 percent stake in Weibo in April for USD 586 million, with an option to increase the holding to 30 percent.
In addition, today is known in China as "11/11" - which is the nation’s busiest day of online shopping. Last year’s 11/11 ended with Alibaba’s Tmall clocking up around USD 2.5 billion in sales during the 24-hour period.
As a result, Fredrik thinks it’s a good opportunity to buy, and is looking to enter at 76.04, to place a stop at 70.71 and his target is 85-87.
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