Venture capitalists in board rooms from Hong Kong to Silicon Valley are engaged in high octane meetings strategizing about the next China IPO in the wake of Baidu.com Inc.'s recent blockbuster $2.5 billion Nasdaq financial splash stll surging through the South China seas.

This unbridled confidence level among the VC insiders and private equity investors is propelled by the earnings statements of several top-tier Chinese online companies like Shanda Interactive Entertainment Ltd, China's leading online game operator.

The Shanghai-based company said that online games revenue rose 72 percent from a year ago and 5.7 percent from the preceding quarter to $56.4 million.

NetEase stock is also surging after the companies posted quarterly results that were well ahead of analysts' estimates.

NetEase outpaced forecasts by 17 cents with 83-cent earnings, and revenues of $50.4 million were up 90% and $6 million ahead of estimates.

Ctrip.com Inc surprised not only the market when it announced second-quarter results but mainly the buzz was centered on Neil Shen, the chief financial officer's resignation and vaulted new position with the venture capital firm Sequoia Capital. According to the blog Siliconbeat, Shen's new position signals a direct and short march for Silicon Valley's top tier venture capital firm into China.