Lone Pine storms China's Web portals

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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