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China dotcom boom fades even as Nasdaq soars

Half of firms that debuted in US last year trading below IPO prices; poor earnings undermine investor confidence

Alibaba Group Holding Ltd, one of those still up in price, has dropped 28 per cent from its record high in November. On average, the 14 Chinese shares are down 3.1 per cent this year, compared with a 6.1 per cent advance in the Nasdaq.

New York

JUST as the Nasdaq Composite Index surges to the cusp of the record high set during the dotcom era, the excitement about China's Internet boom is fading. Half of the 14 Chinese dotcoms that debuted in the United States last year are now trading below their initial sale prices.