Morgan Stanley’s Mary Meeker made a name for herself in the late 1990s as one of the most bullish analysts of the Internet. With investors’ exuberant response in August to the Nasdaq IPO of Chinese search company Baidu (BIDU ), the Chinese Internet market is now attracting a lot of attention from analysts — including Meeker, who recently was in Hong Kong to promote a new report that she and colleague Richard Ji prepared on the country and its Internet companies. While there, she spoke with Bruce Einhorn, BusinessWeek’s Asia economics editor. Following are edited excerpts of their conversation.