Back from the Brink

Not long ago, the three NASDAQ-listed Chinese Internet portals, or chortals, were serious dogs. Trading in NetEase was suspended for four months last year as the company sorted through earnings misstatements and a shareholder lawsuit. Sohu's stock bottomed out in April 2001 at 60, and Sina's shares dove from $54.50 that spring to $1.07 some 18 months later.

But now, the dogs are having their day again, with chortal stocks among the best performers of 2002. NetEase, which resumed trading in January after appealing its delisting, closed last week at $8.26a gain of 895% for the year. Sina...

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