By Pete Gallo
Nowhere is an Internet-inspired shift in culture and
commerce more visible these days than in China, a land where
rampant video-game addiction and sudden obsession with Western
sports has led to an overnight explosion in quirky,
subscriber-based online services that has caught the eye and
investment dollars of Steven Mandel's Lone Pine Capital.
Filings with the Securities and Exchange Commission show
that among hedge funds, Lone Pine is the undisputed king of
Chinese Internet investing, a sector that held ground during
August's global meltdown and is perhaps the only growth segment
of that country's economy not reliant on exports.
Notably, Beijing-based NetEase is one of Loan Pine's biggest
Chinese plays. As of midyear, Lone held 3.8 million shares in
NetEase, roughly a 3.1% stake in the company, filings with the
As of mid-August, Nasdaq-traded NetEase had...