Online store there is facing in really stiff competition, all engage in price war and 99% of the big online website still losing money.So far there is no clear winner there yet.
China smartphone? Smartphone market still dominated by Apple and Samsung.
But for investment purpose

, probably choose the sure win stock such as big telco in china. Very attractive price currently.
Yum's brand KFC still have lot of room to grow in China, KFC probably considered for middle class meal there, if the middle class number is catching up, the sales in china will be increase. If you understand how KFC implant their business strategy in china, the franchise choose to localise their menu to suit chinese's taste, personally think KFC win over MCD to capture the market there.
So far what I see the foreign brand still have plenty of room to penetrate like smart phone market, american fast food, fashion retailer, foreign cars...
What I think the kind of business very hard for foreigner to penetrate such as financial institution, hypermarket retailer, some local daily product such as instant noodle etc...
So my personal opinion is depends on which market we talking about.
Just my opinion

Agree. US fast foods still got lots of room to grow in the China as does technology because it keeps changing.
The big boys like Samsung and Apple will do well if they continue to innovate. The emerging market will always want their goods.
As for restaurant market... I wish Malaysia would have a brand also that it can expand (like US KFC, McD, Starbucks).