Why Chinanet Online Holdings (CNET) Exploded Today

NEW YORK (TheStreet) -- Chinanet Online Holdings  (CNET) exploded to a one-year high of $2.75 on Wednesday as Chinese Internet stocks enjoyed a prosperous day.

Peer companies Sina Corporation  (SINA) and Baidu  (BIDU) rose 2.23% and 1.62%, respectively, at the close of the trading day. Baidu also rose nearly 8% in after-market trading after it reported its fourth-quarter and full-year results. 

Chinanet also announced that the China Center for Promotion of SME Development and China International Cooperation Association of Small and Medium Enterprises have nominated the company as a candidate for the "2013 Preferred Service Provider for China Small and Medium-sized Enterprises" award.

"We are proud to be selected as one of the premier service provider to SMEs," said CEO George Chu in the company's statement. "It validates our work in creating an excellent sales and marketing platform for SMEs. We will continue to introduce new products on our service platform to help franchise owners and SMEs become more successful."

The stock closed up 106.6% at $2.19, up $1.13 from its previous close of $1.06, and amassed a volume of 5,115,335, more than 86 times its average of 59,453. It hit a low of $1.11 for the day and holds a one-year low of 41 cents.

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TheStreet Ratings team rates CHINANET ONLINE HOLDINGS as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

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