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[Tuff-Stuff]

Chinese Internet stocks are surging after equities rallied in Shanghai and Hong Kong in spite of a major drop in China's services PMI. In addition to Qihoo (previous), winners include Renren (RENN +12.2%), YY (YY +13.3%), Baidu (BIDU +3.8%), Sina (SINA +2.8%), Sohu (SOHU +3.4%), Changyou (CYOU +4.3%), and Perfect World (PWRD +5%). YY is now up 20% since posting a strong Q1 report on Thursday afternoon; revenue rose 130.5% Y/Y to RMB315M ($50.7M), and EPS of $0.23 beat consensus by $0.06. Revenue is expected to hit RMB330M-340M in Q2