Shares of Asian destination site China.com (Nasdaq: CHNA) climbed more than 18 percent on Tuesday, gaining 8-11/16 to 56-9/16 after receiving a buy rating from Bear Stearns.
Bear Stearns was a co-manager for China.com’s recent initial public offering, and positive coverage from an underwriter is no surprise. China.com stock may also be benefiting from reports that it is working with America Online to launch an Asian Internet service provider. The Apple Daily News reported that China.com and AOL plan to launch the new company in Hong Kong later this year. The new company is expected to be called AOL Hong Kong.
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