If a Chinese Internet stock looks cheap next to its racy peers, what are the odds that it's still overpriced?That's the question facing investors after last week's initial public offering of KongZhong ( KONG). The Cayman Islands-incorporated, Beijing-headquartered company offers advanced interactive services to cell-phone customers in China. If that description sounds familiar, that's because it is. KongZhong runs in the same circles as three recent favorites of trigger-happy Nasdaq traders, Sina ( SINA), Sohu.com ( SOHU) and NetEase.com ( NTES). And judging by the action in those stocks -- all three rallied sharply in 2003 before plunging this year -- there's little agreement in the market as to the true value of the closely watched Chinese Internet business. So it is with KongZhong. One investor in the company says that while it isn't quite a value stock, it offers the sector's requisite promising growth -- at a relatively low price tag, compared with those better-known competitors. Yet another buy-sider -- an analyst following Chinese stocks -- says the risks are too great with any of the cell-phone information providers to merit making an investment in them. And with the tech sector under heavy earnings pressure this month, the going in the Chinese Net sector could be even rougher than usual. Shares in KongZhong, which have slipped 7% in the week since the company's $100 million IPO, dipped 40 cents Thursday to $9.30.