China, China, China

Okay so Baidu went public and is trading at great numbers... though it has dropped considerably from its high of over $150.
Yahoo just bought a 40% stake in Alibaba - the largest ecommerce site in China (part of which is an auction area similiar to EBay).
Sina and Sohu - the two other big search engines are doing well...
This recent MarketWatch article gives a good overview.