Gary Krakow, technology reporter for the TheStreet.com thinks China Mobile (CHL) and China Unicom (CHU) are worth watching for plays on China's untapped rural cell phone market. Currently, the rural area has only a 12% penetration for cell phones and an estimated 600 million subscribers that could need handsets.

Gary Krakow, technology reporter for the TheStreet.com thinks China Mobile (CHL) and China Unicom (CHU) are worth watching for plays on China's untapped rural cell phone market. Currently, the rural area has only a 12% penetration for cell phones and an estimated 600 million subscribers that could need handsets.

Cogo Group (COGO) is another interesting play on the Chinese cell phone space. The company makes module design solutions for mobile handsets. Cogo Group also trades below cash value at the recent price of $3.00 with $3.30 of cash per share.

Hurray! Holding (HRAY) is a Chinese online distributor of music-related products, such as ringtones, ringbacktones and truetones to mobile users in China. The stock is trading well below cash value at $1.62 with $3.00 of cash per share.

Ed Mullen, CEO of Emperor Investment Management is bullish on the Chinese consumer goods sector. Coca Cola (KO) is a great consumer goods play on China. The soft drink maker is the top seller of soft drinks in China, and the company's Minute Maid products are No. 2 in diluted juice drinks.

Ed Mullen, CEO of Emperor Investment Management is bullish on the Chinese consumer goods sector. Another strong play on the consumer goods sector in China is Diageo (DEO). The maker of Smirnoff vodka, Guinness and Johnnie Walker whisky controls a 49% stake in China's oldest distiller of the traditional white spirit "baijiu". Diageo's whisky business in China is profitable and is helping to fund growth in other areas such as Smirnoff vodka and Baileys liqueur.

Ed Mullen, CEO of Emperor Investment Management is bullish on the Chinese Internet sector. Baidu.com (BIDU) is simply the Google (GOOG) of China. The company offers a Chinese language search platform, which consists of Web sites and online application software; and Baidu Union, a network of third-party Web sites and software applications. Baidu.com recently reported a 91% increase in net income for the third-quarter.

Ed Mullen, CEO of Emperor Investment Management is bullish on the Chinese Internet sector. Sohu.com is a Chinese Internet media company providing consumers with their daily source of information, entertainment and communication. The company recently announced plans to launch its own Internet browser product.