Chinese stock market analyst Wu Qihua told the Shanghai Daily that the shares of Sina.com, Sohu.com, and Netease.com have been popular stocks with Chinese nationals, even though they are not allowed to trade on the U.S.-based Nasdaq share market.

He was quoted as saying that after last year's China tech bubble burst, and prices fell to around a dollar per share of each company's stock, Chinese investors, primarily from China's Zhejiang and Jiangsu provinces, entered through illegal stock-purchasing channels and have now driven the prices up to between $30 and $40. Lately though the stocks have again been dropping–Sohu and Sina have both seen about 22% drops in price for the last 7 days–as these same investors sell their stock. Shanghai Daily did not say how Wu Qihua received this information.

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