NEW YORK (CNNfn) - Shares of several China-based companies rose strongly Tuesday as investors sought to profit from China's possible entry into the World Trade Organization. A communications software developer, meanwhile, more than doubled in its first day of trading.
Among Chinese companies seeing gains, China Prosperity International Holdings (CPIH), a Hong Kong-based construction firm, rose 2-3/4, or 275 percent, to 3-3/4.
Stock in tire maker China Tire (TIR) climbed 2, or 32 percent, to 8-3/8.
And China.com (CHINA), a Hong Kong based Internet service provider, jumped 23-15/16 to 125-1/8.
These gains followed Monday's agreement between the Clinton administration and Beijing that could allow the world's most populous nation to become a full partner in world trade.
In an initial public offering, stock in Quintus (QNTS), a communications software developer, rose 28-7/8, or 160 percent, to 46-7/8 after being priced at 18 a share.
eSoft Inc. (ESFT), which makes software for small businesses, jumped 50 percent after announcing Intel Corp. (INTC) has made an undisclosed investment in the company.
Broomfield, Colo.-based eSoft rose 4-1/16 to 12-3/16.
Larscom (LARS) soared 98 percent after the high-speed network access provider said it struck a deal to use privately held PacketStream Inc.'s communications products.
Terms were not disclosed.
Still, investors were excited by the alliance, bidding stock in Milpitas, Calif.-based Larscom up 2-3/4 to 5-9/16.
Euroweb International (EWEB) soared 89 percent after the Central European Internet service provider said income from its Hungarian operations rose 49 percent to $87,680 for the three months ended Sept. 30.
Overall, the company lost $325,463 in the period.
Budapest-based Euroweb gained 1-27/32 to 3-29/32.
MMC Networks (MMCN) fell 15 percent after the network processor warned of possible fourth-quarter losses.
At least five investment banks downgraded MMC stock Tuesday, including Merrill Lynch and Morgan Stanley Dean Witter.
The Sunnyvale, Calif.-based company lost 3-5/16 to 18-11/16.
Acceptance Insurance Co. (AIF) plunged 37 percent after the insurer said it lost $25.2 million, or $1.77 per share, in the third quarter, partially due to $1.7 million in losses from Hurricane Floyd.
Stock in the Omaha, Neb.-based insurer dropped 5-1/8 to 8-1/2.
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