Why ChinaNet Online (CNET) Stock Hit a One-Year High Today

Updated from 10:25 a.m. with closing price information.

NEW YORK (TheStreet) -- Shares of ChinaNet Online  (CNET) soared to a 52-week high of $3.98 in morning trading Monday after the business-to-business Internet technology company announced it had won the award for "Best Company in Chinese Entrepreneurial SME Business Development Marketing" at the 2014 Chinese e-Commerce Industry Gateway Conference in Beijing.

The award goes to only one enterprise in each industry, according to ChinaNet.

The China Electronic Commerce Association (CECA) organized the conference.

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ChinaNet's stock surged Friday after the company announced it was in talks to partner with Alibaba's  (BABA) online shopping unit Taobao.

"We are very excited about our new focus on digital advertising and our cooperation with Baidu," ChinaNet 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."

The stock closed up 61.84% to $3.17. More than 37.3 million shares had changed hands, which eclipsed the average volume of 512,536.

Separately, TheStreet Ratings team rates CHINANET ONLINE HOLDINGS as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CHINANET ONLINE HOLDINGS (CNET) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and weak operating cash flow."

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