As China’s internet market sizzles — 94 million Chinese now go online, second only to the U.S. — many of its Web companies have rocketed from startup obscurity to stock-market fame. Shanghai gaming innovator Shanda Interactive Entertainment Ltd. (SNDA ) last year raised $100 million in an initial public offering and now stands 249% above its launch price. Ctrip.com (CTRP ), which provides online travel reservations, raised $40 million in an initial public offering in December, 2003, and its shares have since more than doubled. Tencent, which operates China’s top instant-messaging service, pulled in $200 million in its Hong Kong IPO last June and has seen its shares rise by 30%.
Now, Net giants from the U.S. want a piece of that China magic.
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