If you want to take advantage of low prices in China I think...
If you want to take advantage of low prices in China I think $Tencent(TCEHY.US$ is the best bet. $Alibaba(BABA.US$ is slightly cheaper, but Tencent is higher quality with better management imo. Both trade at ~10-12x NTM earnings if you back out investments and cash.
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MaMaJun : I agree, i used the same method as well. Tencent has much more hidden asset in VC, but baba also has Ant.