Chinanet Online Holdings Inc (CNET) Reaches 52-Week High After Winning Award

It was an excellent day for Chinanet Online Holdings Inc (NASDAQ:CNET) as the company hit its 52-week high in the morning session of trading at $3.98. According to CNET, the sharp incline in share prices was because of its award at the 2014 Chinese e-Commerce Industry Gateway Conference.

Chinanet Online Holdings Inc (NASDAQ:CNET) was awarded as the “Best Company in Chinese Entrepreneurial SME Business Development Marketing” at the 2014 Chinese e-Commerce Industry Gateway Conference. Chinanet said,

“”We are very excited about our new focus on digital advertising and our cooperation with Baidu.”

Earlier, Chinanet Online Holdings Inc (NASDAQ:CNET) announced that its received V3 ranking from Baidu, which is the highest credit rating it ever had.

Chinanet Online Holdings Inc (CNET) is a unique platform that connects SME franchisors with brand management solutions, franchises, internet advertising channels, and cloud-based management solutions.

Earlier the shares of Chinanet Online Holdings Inc (NASDAQ:CNET) rose after the company announced that it is in talks with Alibaba Group Holding Ltd (NYSE:BABA) for a potential partnership. Chinanet is planning for a potential partnership with Alibaba’s Taobao and said, “We are also in discussions with Taobao of Alibaba to provide ‘Micro-Sell 360,’ which is one of our new product solutions geared towards precision marketing for clients.”

Chinanet Online Holdings Inc (NASDAQ:CNET) has recorded an increase of 192.66% in its share price in the past 30 days and its partnership with Alibaba Group Holding Ltd (NYSE:BABA) has allowed it to maintain the positive momentum. Chinanet Online Holdings Inc (NASDAQ:CNET) reported net sales of $10.4 million in its second quarter 2014 with gross profit of $1.7 million and 16.4% gross margin. Company reported net loss of $1.3 million for the second quarter 2014 or $0.06 per share.

This article has been written by Prakash Pandey.

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