A lot of U.S.-listed Chinese stocks are reporting their first quarter earnings now, and a lot of these small companies are getting big quick. In fact, the numbers are so good that I'm really surprised at the values of most of these stocks -- they're cheap, by any reasonable measure.

Consider, for example, Yingli Green Energy Holding Company Limited (NYSE/YGE), which I first wrote about in this column in late February.

Yingli Green Energy is a major producer of photovoltaic (PV) solar energy products in China. Operating through its principal subsidiary, Baoding Tianwei Yingli New Energy Resources Co., Ltd., the company designs and manufactures PV solar modules. It also installs PV systems that are connected to electricity transmission grids as well as those that operate on a stand-alone basis. Currently, the company is one of the largest manufacturers of PV products in China as measured by annual production capacity.

Yingli's 2008 first quarter revenues grew to two hundred twenty-seven and a half million dollars, representing a gain of 9.8% from the fourth quarter of 2007, and a whopping 272% gain from the comparable first quarter of 2007.

Net income in the latest quarter was almost thirty-two million dollars, representing a gain of 62% from the fourth quarter of 2007, and a huge 2,581% gain from net income generated in the comparable first quarter of 2007.

How about E-House (China) Holdings Limited (NYSE/EJ)? I wrote about this company in March, and it just reported excellent financial growth in its latest quarter.

E-House Holdings is a major real estate services company in China that was founded in 2000. Right now, it's China's largest real estate agency and consulting services company. The company sells primary real estate agency services, secondary real estate

brokerage services and real estate consulting and information services, and has received numerous awards including "China's Best Company" from the National Association of Real Estate Brokerage and Appraisal Companies in 2006. E-House sells residential and commercial real estate properties in all major regions of that country.

This company just reported 2008 first quarter revenues of over thirty-three million dollars, representing an increase of 107% from revenues of sixteen million dollars generated in the same quarter in 2007.

Net income was an impressive $8.7 million for the first quarter in 2008, representing an increase of 97% from net income of $4.4 million for the same period in 2007. This is exceptional profitability on the level of revenues.

Both these companies' financial results beat Street expectations and both these stocks haven't been doing much for a number of months. My best guess is that this trend is about to change very soon.