China.com soars on stock split

2 min read

China.com Corp.'s (Nasdaq: CHINA) shares were up 22 percent Friday, following the company's announcement of a 2-for-1 stock split. News that the company's CFO had resigned, announced after market close Thursday didn't seem to dampen investor's enthusiasm for the Internet company, which also announced it had acquired new firms in Korea and Singapore Friday.

Shares in the Hong Kong-based Internet company were up 20 1/8 to 113 1/2, after shares skyrocketed this week when the United States reached a trade agreement with China. China.com, which made its IPO in July, opened at 65 Monday and hit a high of 137 during the week on news of the trade agreement.

Its board approved a 2-for-1 stock split, which would be available to holders of record by the end of the trading day Nov. 23.

China.com Corp also said Friday its web solutions division, Web Connection, bought 4 related businesses in Asia: Netville Co, CLIC and A4 Communications in Korea and Pandora Interactive Studio PTE Ltd in Singapore. The company said the acquisitions, which brought its Web Connection offices to 10 across Asia, were important components in its overall pan-Asian integrated portal strategy.

CFO David Kim said on Friday he had resigned to join Japan's Softbank Corp. an Internet investment company. Kim, who helped oversee China.com's hugely successful public listing in July, said in an interview with CNBC television: "I felt the time was right for my next challenge." Softbank owns 70 percent of Ziff Davis.

He also said China.com's potential was tremendous, given the expansion of the Internet market in the region.

Reuters contributed to this report.