March 27, 2014 (Chinavestor) Chinese internet stocks tumbled for the second day in a row on the NYSE and NASDAQ. SouFun Holdings (NYSE:SFUN) plunged the most among major internet stocks on Wednesday and is off again today. SFUN has lost 30% of its market cap since March 6, 2014.
Part of the decline is attributed to a weak debut from King Digital Entertainment (NYSE:KING), the second largest IPO since Twitter's. This Chinese online gamer got crushed at IPO yesterday, weighting down the rest of the sector. Even Tencent Holdings (HKG:0700), the largest Chinese internet play in the world, fell 6% in Hong Kong to seven weeks lows this morning.
Today's big decline belongs to Baidu Inc. (NASDAQ:BIDU). China's search engine giant is down $6.25 after two hours of trading today. BIDU is by far the weakest Chinese internet play on Thursday.