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Enthusiasm For Chinese Internet Stocks Is Reborn

Shares of Jiayuan.com International (NASDAQ: DATE – News) are soaring 21% today as investors look to embrace hot Internet stocks of any nationality and variety following the widely anticipated debut of LinkedIn (NYSE: LNKD – News) on Thursday. Shares of the social network for professionals more than doubled in their debut are up another 6% today.

While the performance of some of the new Internet names, particularly the Chinese ones, has some investors concerned the tech bubble of 1999-2000 is repeating itself, others are content to embrace the trend and get in the game and that may one reason the Chinese Internet Stocks Index is higher by 1.6% today while the broader market languishes. Jiayuan, which like so many Chinese Internet stocks is the Chinese answer to an older American firm, in this case Match.com or eHarmony, is leading the way, but E-Commerce China Dangdang (NYSE: DANG – News), China’ answer to Amazon.com (NASDAQ: AMZN – News), is surging 8%.

Dangdang reported a first-quarter profit of a penny a share on revenue of $105 million. Analysts were expecting breakeven on revenue of $103.4 million. Shares of Qihoo 360 Technology (NYSE: QIHU – News) are soaring 3% after Stifel Nicolaus upgraded the stock to “buy” from “hold” with a $38 price target, implying substantial upside from where the shares currently trade.

Youku.com (NYSE: YOKU – News), China’ equivalent of YouTube, is off 3% after announcing a follow-on public offering of 12.31 American depositary shares. Renren (NYSE: RENN – News), the Facebook of China, is plummeting 4%.