Foreign Investors Reap Enormous Profits in China’s Red-Hot Internet Market

It is one of the best investments of the digital age.

In June 2001, a South African media company called Naspers paid $34 million to acquire a big stake in a struggling Chinese start-up. Today, that start-up — Tencent — is an Internet colossus worth nearly $120 billion, far more than web pioneers like eBay or Yahoo. And Naspers is $40 billion richer because of its well-timed bet.

Foreign investors like Naspers have emerged as some of the biggest winners in this country’s sizzling Internet market.

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