NEW YORK (TheStreet) -- China Finance Online (JRJC) surged Monday after the company announced it debuted China's first independent web-based securities trading platform called "Zhengquantong" or "Securities Master."
China Finance Online launched the platform on its financial portals www.jrj.com and www.stockstar.com. Securities Master is part of the financial services company's new partnership with CITIC, China's largest brokerage firm.
The stock was up 19.78% to $5.33 at 10:42 a.m. More than 1.2 million shares changed hands, compared to the average volume of 472,655.
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Separately, TheStreet Ratings team rates CHINA FINANCE ONLINE CO -ADR as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHINA FINANCE ONLINE CO -ADR (JRJC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."