Charles Zhang is not afraid of heights. Recently, Zhang, 39, the founder of Chinese Internet portal was clinging to the face of Mount Everest, 6,666 m above sea level. That's high but nothing compared with the altitude of his company's stock price. On July 10, Sohu shares closed at $38.25 on NASDAQ--a gain of 245% since April 1. More impressive, Sohu shares are worth 36 times their value during the dark days of the Internet bust, when they traded for less than $1.

Sohu, which started in 1996 as the first Chinese-language search engine, surprised critics by turning...

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