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Net giants bet big on China's potential
Jason Tsai, vice president of equity research for Think Equity, considers Baidu an anomaly. He said the company cleverly promoted itself as the Chinese Google, hoping to generate the same sort of excitement as Google's IPO a year ago. ``They were drafting off of Google,'' Tsai said. ``Obviously a lot of investors here have a lot of trouble distinguishing the opportunities in China. They're looking for immediate stellar growth, and it's not going to happen. It's way too early to determine the winner of the search market in China.'' Tsao, of Smarter.com, agreed. ``The Chinese market is not even 1 percent of the U.S. market, but people are going gaga over Baidu because it's the No. 1 search engine,'' Tsao said. ``There is just single-digit penetration of Internet users over there. This is about potential.'' All about potential Venture capital is all about potential, and VC firms are beginning to see a lot of it in China. They poured $1.3 billion into China last year, a 29 percent jump over 2003, according to Zero2IPO, a Chinese research company. Chao says about a fourth of his firm's business is aimed at China. Just last week, Chao's DCM co-invested in online payment service 99Bill. ``I'm a big believer that the Internet is in its nascent stage and that we'll
see lots of waves, lots of waves of innovation,'' Chao said. ``But it certainly
looks like this is a good time to catch one of the waves.''
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