Last week, I wrote about Ossen Innovation (NASDAQ: OSN), China Shengda Packaging Group (NASDAQ: CPGI) and Fuwei Films (NASDAQ: FFHL), three Chinese basic materials stocks that listed on US exchanges via the more stringent IPO process rather than through a reverse merger; while today, I wanted to mention three Chinese Internet stocks, China Finance Online (NASDAQ: JRJC), Mecox Lane Limited (NASDAQ: MCOX) and ChinaCache International Holdings (NASDAQ: CCIH) that also IPO’d. Given how many allegations of financial fraud that Chinese reverse merger stocks are facing plus the fact that Internet stocks also tend to be extremely volatile, buying a Chinese Internet stock that IPO’d should, at least in theory, be less risky for investors. Moreover, Chinese stocks right now are so beaten down that they are starting to look attractive. Hence, here is a closer look at JRJC, MCOX and CCIH to help you decide whether any of them might be worth further due diligence:

China Finance Online (NASDAQ: JRJC): A Bellwether For Chinese Stock Market Sentiment That’s Tolling Some Distress

China Finance Online is a Chinese brokerage firm and a provider of financial services and products, such as news, data, analytics and brokerage via Internet portals, software systems and mobile handsets. In the middle of June, China Finance Online announced that 1Q2011 revenues were $15.0 million verses $15.2 million for 1Q2010 while net income was $1.4 million verses $0.14 million. Investors in Chinese stocks should note that China Finance Online main source of revenues are subscription fees from individual customers (80%) and institutional customers plus advertising revenues and revenues from brokerage-related services. However, JRJC noted that revenues from subscription fees paid by individual customers decreased 3.9% year-over-year and this decline reflected the current diminished investor confidence in China and the Chinese stock market plus the impact of CSRC’s new regulations on securities advisory software business. On Friday, China Finance Online fell 3.63% to $3.45 and the stock has a 52 week trading range of $2.75 to $8.59 a share.

Mecox Lane Limited (NASDAQ: MCOX) Has Noted That the Chinese eCommerce Sector is Getting More Competitive

Mecox Lane Limited is a Chinese online retailer of apparel and accessories plus the company owns or franchises stores around China. For 1Q2011, Mecox Lane Limited announced that Internet net revenues increased by 25.9% year-over-year while net revenues decreased by 2.4% year-over-year to from $49.3 million to $48.1 million. MCOX’s net loss also increased by 153.0% year-over-year from $1.5 million to $3.9 million. Mecox Lane Limited’s CEO noted that while they are seeing steady growth in their Internet business, he also pointed out the Chinese eCommerce sector is getting more competitive and they have been forced to offer coupon giveaways and other promotions in keep up Internet traffic and to aid in customer acquisition. Moreover, MCOX was hit with delivery disruptions thanks to a labor shortage in courier service providers during the Chinese New Year holiday. On Friday, Mecox Lane Limited fell 3.71% to $3.37 and the stock has a 52 week trading range of $2.53 to $18.50 a share. It should also be noted that MCOX jumped from the $3.30 level to the $3.70 level last Wednesday.

ChinaCache International Holdings (NASDAQ: CCIH) Is Beaten Down But Could Be On the Rebound

ChinaCache International Holdings is a Chinese holding company whose subsidiaries provide Internet content and application delivery services in China. For 1Q2011, ChinaCache International Holdings reported that net revenues rose 79.6% from 1Q2010 to RMB136.4 million ($20.8 million) while net income was RMB3.2 million ($489,000) verses a net loss of RMB34.9 million for the same period last year. ChinaCache International Holdings has also announced 2Q2011 net revenue guidance of RMB144.0 million ($22.0 million) to RMB149.0 million ($22.8 million) which is above analysts’ estimates of $21 million. On Friday, ChinaCache International Holdings fell 6.05% to $10.09 and the stock has a 52 week trading range of $6.40 to $35 a share. It should also be noted that CCIH’s IPO price last fall was $13.90.

The Bottom Line. As a bellwether for Chinese stock market sentiment, JRJC’s results reveal that investor enthusiasm for Chinese stocks has cooled while MCOX shows that the Chinese eCommerce sector is getting significantly more competitive but CCIH could be on the rebound.