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By Eric Monte

With the recent IPO of Renren (NYSE:RENN), a social networking site which has been touted as the Facebook of China, Chinese Internet stocks have been in focus. But Renren shares have now fallen below the offer price of $14 after just a couple weeks of trading, fueling concerns that Chinese Internet stocks are falling back to earth. Before Renren went public, Bloomberg News reported the company was being valued at double that of American rival Facebook according to certain valuation measures, numbers which have given investors pause. And Renren has recently seen concerns surface regarding how vulnerable it would be if it runs afoul of Beijing's censorship policies.

Meanwhile, SINA (NASDAQ:SINA), owner of the Weibo microblogging service commonly referred to as the Twitter of China, has also been getting a lot of attention of late. Shares fell Thursday after the company reported earnings and said it plans to up its spending in an effort to attract more users. The weak price action of Reren and SINA is reflected in the Chinese Internet Stocks Index, which is now trading in negative territory over the last month after a strong move higher to start 2011.

As our China Super Index illustrates, a few other segments of the Chinese market have picked up the slack.

Select names in the China Solar Stocks Index have seen solid performance as of late. Chinese solar name Daqo New Energy (NYSE:DQ) has continued to move higher after reporting earnings on Monday that handily beat analyst estimates. Rival JinkoSolar Holding (NYSE:JKS) also put up strong earnings numbers, and over the last month the stock has rocketed nearly 20%.

The education segment in China has also been performing well, with the China Education Stocks Index outperforming other Chinese Indexes over the last month. ChinaCast Education (OTCPK:CAST) earlier this week reported first quarter earnings which were slightly ahead of analyst estimates and also offered an optimistic outlook for the full year. Chinacast is up 23% over the last month. ATA (NASDAQ:ATAI) and New Oriental Education (NYSE:EDU) are other bright spots in the segment, with both stocks making solid moves higher over the last month.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: As China's Dot-Com Bubble Sags, Other Sectors Stay Solid