Jan. 6 (Bloomberg) -- Qunar Cayman Islands Ltd., the Chinese travel-booking website controlled by Baidu Inc., surged in New York after reporting an increase in travel reservation on mobile devices. Ctrip.com International Ltd. plunged.
Qunar, based in Beijing, rallied 11 percent on Jan. 3 to the highest level since its U.S. debut in November. The Bloomberg China-US Equity Index of the most traded Chinese stocks in New York slid 1.5 percent, capping a 2.5 percent slump last week. Ctrip.com, China’s biggest online travel agency, led declines on the gauge with a 7.9 percent retreat.
Qunar, which has surged 99 percent since its initial public offering, said in a statement Jan. 3 that its mobile application accounted for 50 percent of total hotel bookings, while air- ticket bookings reached a record over the New Year holiday. Ctrip said in November that 30 percent of its hotel bookings came from mobile devices.
“The market certainly reacted to Qunar’s data, which show the company’s mobile users have risen,” Tian X. Hou, the founder of T.H. Capital LLC, said by phone in New York Dec. 3. “China’s travel market has just started to boom and both companies will ride the tide.”
The iShares China Large-Cap ETF, the largest Chinese exchange-traded fund in the U.S., retreated 4 percent last week to $36.66 in New York. The Standard & Poor’s 500 Index dropped 0.5 percent.
Qunar’s American depositary receipts surged to $29.92, with trading volumes almost seven times the 90-day average, according to data compiled by Bloomberg. Ctrip’s ADRs sank to $45.53 in New York, falling the most since Nov. 6. Its 13 percent drop last week was the biggest since Nov. 22.
Qunar’s air ticketing record demonstrates growth momentum in its mobile reservations, which is encouraging, according to Henry Guo, an analyst at ABR Investment Strategy LLC who has buy ratings for both companies.
“Those online travel agencies will compete more aggressively in January as we draw close to the Lunar New Year holiday,” Guo said by phone Jan. 3 from San Francisco.
Home Inns & Hotels Management Inc., China’s largest budget hotel chain operator, sank 4 percent last week to $41.94, the biggest slump since June. The Lunar New Year holidays are set to start on Jan. 31.
Yingli, the biggest solar-panel maker, rallied 38 percent last week to $6.61, rising the most since November 2012. It was the biggest weekly gainer on the China-US gauge.
Average prices for polysilicon, the key raw material for making solar panels, climbed to the highest level since October 2012, data compiled by Bloomberg showed.
Yingli also gained after announcing a joint venture with Datong Coal Mine Group to develop and construct solar power plants in China’s northern Shanxi province. Vishal Shah, a New York-based analyst at Deutsche Bank AG, said the joint venture is “an incremental positive” in an e-mailed report on Jan. 2.
YY Inc., the Guangzhou-based owner of a social entertainment website, soared 15 percent last week to $58.02 in New York, the highest level since its U.S. debut in November 2012.
The Hang Seng China Enterprises Index in Hong Kong dropped 3.6 percent last week to 10,436.76, the largest weekly decline since October. The Shanghai Composite Index sank 0.9 percent for the week to 2,083.14.
--Editors: Marie-France Han, Tal Barak Harif