Qihoo rises on Google pact to fuel sales

China's Industry and Information Technology Ministry will introduce policies this year to boost the information industry, Shanghai Securities News reported on Dec 28, citing Minister Miao Wei. The measures will focus on the development of mobile Internet, mobile television and Internet shopping and payment, according to the report.

Ambow tumbles

Ambow Education Holding Ltd, which provides private tutoring services, tumbled 11 percent to $2.25 in New York, the biggest decliner on the China-US index. The slumpextended last year's tumble to 68 percent, also the biggest slide on the gauge in 2012.

Ambow said on Sept 6 an internal probe found its tutoring centers are legally registered. The investigation was sparked by reports on Chinese State television that an Ambow unit exaggerated training results and that school registrations were incomplete. The company, based in Beijing, reported in July a net loss for the three months through March 2012 of $12.7 million compared with net income of $2 million a year earlier. It hasn't published updated financial results since then.

LDK Solar Co, the world's second-largest maker of solar wafers, based in Xinyu, China, slid 66 percent last year to $1.44, the biggest decliner among Chinese solar stocks traded in New York. Yingli Green Energy Holding Co slumped 38 percent in 2012 and Trina Solar Ltd lost 35 percent. Suntech Power Holding Co, the world's biggest solar-panel manufacturer, retreated 31 percent.

A global solar-panel supply glut and reductions to European subsidies for the sector have spurred losses for Chinese solar companies as prices declined.

The final reading of a Purchasing Managers' Index released by HSBC Holdings Plc and Markit Economics on Dec 31 was 51.5 in December, up from a preliminary level of 50.9 issued on Dec 14 and a final reading of 50.5 for November. The Shanghai Composite Index of domestic shares jumped 1.6 percent on Dec 31 to 2269.13 for an annual gain of 3.2 percent, the first increase in three years. The Hang Seng China Enterprises Index advanced 0.5 percent to 11436.16, to close 15 percent higher in 2012.