“China is about to become the leading nation in the world in terms of using TMT products and services,” she says. “China is No. 1 in mobile-phone usage and cable TV subscriptions, No. 2 in Internet users, and No. 4 in installed PCs, and growing fast.”
Meeker points to stocks that her colleague Richard Ji, who’s based in Hong Kong, recommends, such as wireless content provider TOM Online (Research), online game site NetEase (Research), and Web-based travel company Ctrip (Research).
When I point out that these stocks have doubled over the past two years and sport lofty P/Es, Meeker responds by telling me that the market value of all public Chinese Internet companies is $15 billion, while Japanese Internet companies are worth $75 billion.