China Mobile Ltd. (CHL) trades at about the same price-earnings multiple as U.S. based companies like Verizon Communications Inc. (VZ) and AT&T Inc. (T), but higher growth rates might make its stock a much better deal relative to its peers abroad.

China Mobile Ltd. [[CHL]], a leading Chinese telecom provider, is trading with a price-earnings multiple of just 12.42x despite posting net income growth of approximately 29.5%. This compares to 16.4% growth at its closest U.S.-based competitor Verizon Communications [[VZ]], which trades at a higher price-earnings multiple of 13.74x.

Using the price-earnings to growth ratio (PEG ratio), China Mobile trades at just 0.42 compared to 0.83, which suggests that it could be dramatically undervalued. In fact, a market-standard PEG ratio of 1.0 would yield a stock price of more than double its current price of $50.22. And if it were to trade at Verizon’s PEG ratio, its share price would be around $98.91.

China’s economy is also expected to grow much faster than the U.S. economy over the next several years. The Organization for Economic Cooperation and Development raised its forecast for China’s economic growth to 7.7% amid its stimulus measures in place. Meanwhile, domestic spending is expected to ramp up heavily as the country becomes richer.

As in the United States, telecom growth in China will likely come from value-added services like data. Revenue from these businesses jumped 23.8%, from 2007 to $16.6 billion, at China Mobile and represents one of its fastest growing segments. Meanwhile, SMS and video remain two other key areas that will drive growth over the next several years.

In the end, China Mobile remains an undervalued growth play by many measures. The stock trades at a valuation below that of comparable U.S. corporations and has strong growth prospects with over 488 million subscribers and counting. As a result, U.S. investors in more traditional telecoms may want to take a look at this strong Chinese play to diversify their portfolio.

Changyou.com Limited (CYOU) shares may be well above their initial public offering price, but the stock continues to trade a compelling valuation given its growth.

Changyou.com Limited [[CYOU]], a China-based online game developer and operator, is up nearly 90 percent from its initial public offering. However, shares continue to trade at just 7.14x with explosive historical growth rates and strong projection for the 2009. As a result, investors may want to take a second look at this young company as a strong play on China.

During the first quarter, Changyou.com reported net income of $33.5 million on total revenues of $61.6 million. This represented a 15% increase quarter-over-quarter and a 120% increase year-over-year, suggesting that this stock may be substantially undervalued at these levels. Meanwhile, active paying accounts also increased to 2.27 million – up 50% year-over-year.

“I’m pleased to have delivered another quarter of record results as we report for the first time as a standalone public company,” said Mr. Tao Wang, Changyou’s chief executive officer. “Online games, which provide low-cost entertainment, continue to be a very popular leisure time activity in China, even in an economic downturn, making the industry a strong defensive play.

“Our peak concurrent users and active paying accounts reached record highs during the quarter, demonstrating the efficacy of our strategy of focusing on the user experience. We continued to leverage synergies with our parent company Sohu.com Inc. (Sohu) and our expanded offline marketing efforts to reach gamers in new cities and increase our penetration in existing cities.

“With our strong execution capabilities, I’m confident that we can successfully extend the lifespan of our existing games and release new titles that capture the imagination and mindshare of China’s growing population of online gamers.”

In the end, Changyou.com trades with a conservative historical P/E to growth ratio of around 0.1 and a future ratio of 0.5. These numbers suggest that the stock is greatly undervalued at these levels given its potential growth rates, and may therefore represent a compelling opportunity for investors interested in adding a Chinese element to their portfolio.

Baidu, Inc. (BIDU) may have a high share price, but the Chinese search provider still trades at less than a tenth of the value of U.S.-based Google, Inc. (GOOG). However, China’s stunning economic and internet growth has many investors looking overseas.

Baidu, Inc. [[BIDU]] has replaced Google Inc. [[GOOG]] as the world’s most popular country-specific search engine, according to data from ComScore. Unfortunately, Google still operates in the richest country on earth, where advertisers are willing to pay top dollar to reach consumers. However, a crisis in America and continuing growth in China could eventually change that story.

According to the China Internet Network Information Center, internet penetration in China reached 22.6% with 298 million internet users and 279 million broadband users. The report also predicts that wireless Internet will also display a trend of explosive growth. Meanwhile, the commercial value of China’s market has more than doubled over the past year.

Baidu is also looking to enter some key growth areas, including e-commerce. Since over 40% of e-commerce purchases start with a search engine query, there is big opportunity in the country with the largest number of internet users in the world. In fact, more than 40,000 businesses signed up for the beta testing of their e-commerce platform.

In the end, China represents a quickly growing market in terms of both internet users and economic growth. Meanwhile, the country is slowly transitioning from an exporting economy to a domestic consumption economy. As this transition materializes, advertising will become a critical concern and Baidu may become the new Google.

Worldwide Energy and Manufacturing USA, Inc. [[WEMU.OB]], a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced its first solar module shipment in the United States. The order was for a high-end residential villa in the Mountain Time Zone region. The Company also announced they have received UL certification for their solar module products, which allows the company to sell solar modules in the U.S. market.

Worldwide Energy’s Chief Executive Officer Jimmy Wang stated: “This order validates our solar market research and proves there is a good demand for ‘AmeriSolar’ panels in the United States. With our approved UL Mark and technologically advanced solar modules, we expect this will be the first of many orders for us in the U.S. market. Based on our market analysis, we expect to generate millions of dollars in sales in the U.S. this year.”

Worldwide’s mono and polycrystalline modules feature a two-bus bar cell design which maximizes the cell’s light-absorbing surface area giving the modules more consistent performance. Their solar modules also have a weather-resistant frame constructed of aluminum alloy for endurance in rugged weather conditions and are given a double oxidation coating for additional protection against the elements, providing for longer-lasting, more durable modules.

Worldwide currently sells its advanced solar modules under the brand name, “AmeriSolar,” in eight countries, including Germany, Italy, Switzerland, Portugal, France, Spain, Australia and South Korea.

“We continue to focus our sales and marketing efforts on increasing our customer base for our solar modules in Europe and other parts of the world, including North America. Our solar brand ‘AmeriSolar,’ continues to gain recognition and widespread acceptance in the market place,” added Mr. Wang.

About Worldwide Energy and Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. (“Worldwide”), headquartered in South San Francisco, California, is a 15-year-old engineering-oriented firm specializing in photovoltaic (PV) panel, mechanical, electronics and fiber optic products manufacturing. The company’s worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include: Worldwide Energy and Manufacturing Ningbo (Solar factory) Co., Ltd, Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd., Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd. And Shanghai Intech Electric and Electronics Co., Ltd., located in Shanghai and Ningbo, China.

For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.’s future press releases or request to be added to the Company’s distribution list by contacting John Ballard.

Forward-looking statements:

The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.