Chinese growth stocks stormed higher last week.

NQ Mobile (NYSE: NQ) -- up 15% on the week -- saw its amazing hitting streak come to an end on Thursday. Shares of the mobile Internet services provider closed higher for 14 consecutive trading days before proving mortal.

The stock nearly doubled in July, and the catalyst that kicked off this monstrous rally came when it offered up preliminary quarterly results that were well ahead of its earlier outlook. NQ shares have gone on to deliver double-digit percentage gains for three weeks in a row.

The good news kept coming this past week, as NQ Mobile renewed its deal with leading wireless carrier China Mobile to provide malware protection and other online security services. An NQ Mobile subsidiary also was tapped as a game provider for China Mobile's Game Center platform.

Are investors finally ready to buy back into China? Are the high growth rates and often reasonable valuations enough to outweigh the geopolitical risks of buying into Chinese growth stocks?

Let's take a closer look at some of the other winners from last week.


Aug. 2

Weekly Gain (TCOM 2.81%)



Dangdang (DANG)



Youku Tudou (NYSE: YOKU)



Renren (RENN)



Source: Barron's.

Let's start with Ctrip.

China's leading online travel portal took off after posting strong quarterly results.

Net revenue climbed 28% to $203 million, well ahead of the $190.4 million that Wall Street was expecting. The news got even better on the bottom line, as Ctrip's adjusted profit of $0.36 a share was roughly twice as much as analysts were projecting.

Ctrip's guidance for the current quarter calls for revenue to grow at a more modest 20% to 25% clip. Then again, that's the same outlook it offered for the second quarter, and we saw how well that played out.

Dangdang broke into the double digits for the first time since April of last year, soaring 19% on the week.

The popular Internet retailer reports quarterly results later this month. It won't impress on the bottom line, but analysts do see Dangdang's deficit narrowing substantially. Wall Street's bracing for a net loss of $0.15 a share. Dangdang has actually beaten analyst estimates in the three prior periods, so it wouldn't be a surprise if its quarterly deficit is even smaller than that.

There are some Chinese e-tailers growing faster, and some are even profitable. However, Dangdang remains one of the most actively traded dot-com names in China as the poster child of Internet retail in the world's most populous nation.

Youku Tudou issued a press release touting its market-share gains. The leading video streaming provider in China leaned on June metrics from iResearch showing that Youku attracted more unique visitors than its two nearest competitors combined. Youku averaged 14 million daily unique visitors in June. Qiyi and PPS registered 7.9 million and 6 million viewers, respectively.

Investors won't have to wait long to get an even better snapshot of Youku. It reports quarterly results on Thursday night.

Renren moved higher after encouraging news by other companies in the social networking space. Facebook's push to a fresh 52-week high -- reclaiming its IPO price for the first time since the day it went public 15 months ago -- likely helped woo investors back into the volatile realm of social networking, but we also had China's own YY coming through with a better-than-expected profit as revenue more than doubled.

Renren is still at least a couple of years away from turning a profit, but it did schedule its annual shareholder meeting for later this month.

Betting on China
There's plenty of growth still to be had if you buy the right Chinese growth stocks.

China is already the world's largest auto market -- and it's set to grow even bigger in coming years. A recent Motley Fool report, "2 Automakers to Buy for a Surging Chinese Market," names two global giants poised to reap big gains that could drive big rewards for investors. You can read this report right now for free -- just click here for instant access.