There are other large Chinese companies that have been taken public by the likes of Goldman Sachs ( GS), Morgan Stanley ( MS) and Credit Suisse ( CS). Last week, Qihoo 360 ( QIHU) closed 135% above its IPO offer price on its first day. The company was underwritten by UBS ( UBS) and Citigroup ( C). I have been more drawn to China's technology and Web companies. Only about a third of Chinese people are online today, compared with almost all Americans. The Chinese are also seeing their incomes rise substantially, and there is a growing shift of advertising dollars from TV to the Web over the next five years. We only think of China's headline GDP growing 10% annually. However, in certain industries, such as tech and the Web, growth rates are much higher. Credit Suisse recently predicted that China's e-commerce market would grow 500% in the next five years. If you listened to the China bears, you missed out on Sina ( SINA) growing 62% in the first quarter, thanks to the torrid growth of Weibo. You also missed out on a 44% gain in the quarter for Baidu ( BIDU) and a 43% bump in big Chinese portal Sohu ( SOHU), which saw its online advertising soar. It's not always shooting fish in a barrel. The two big December IPOs had mixed returns in the first quarter. Dangdang ( DANG) fell 25%. Youku ( YOKU), on the other hand, was up 41%. (I'm currently short on the company because it's gotten way ahead of itself.) And do you remember Sky Mobi Limited ( MOBI)? This smaller-cap company did an IPO right after Dangdang and Youku in December. The stock price fell rapidly, prompting many to point to it as an example of a broken IPO and how you have to be careful buying Chinese companies. Well, Sky Mobi's first-quarter return was 141%. A growing China also helps a lot of U.S. companies. Yum Brands ( YUM) has made KFC the biggest foreign restaurant in China today. Apple ( AAPL) is going to announce blowout earnings from China in the next two years, as the maker of the iPad expands from four to 25 stores in that country. And, even Yahoo ( YHOO) will be along for a fabulous ride when its 40% stakes in Taobao and Alipay are realized. Those companies likely will be the biggest IPOs from China in the past 10 years (although neither company has announced plans yet).