A latterday Rip Van Winkle who fell asleep in March 2000 and woke up this summer might conclude that the internet bubble had never burst Рit had simply shifted from the US to China. This week, Yahoo handed over $1bn (£550m) cash and its assets in China in return for a 40 per cent stake in Alibaba, a local e-commerce portal. Earlier this month Baidu.com, the leading Chinese search engine, soared 350 per cent on its Nasdaq debut, and now trades at more than 2,000 times earnings.
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