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English > Finance > Finance-newsbrief>CICC: Only Competitive Firms Deserve High GEM Valuations

CICC: Only Competitive Firms Deserve High GEM Valuations

09-25 14:00 Caijing

Full article in Chinese: http://www.caijing.com.cn/2009-09-24/110260222.html

» IPO and opening prices of shares on the Growth Enterprise Market are likely to exceed reasonable ranges, and investors should not pursue the shares indiscriminately, China International Capital Corp. said in a research note on Sept. 24.
» Although the first 10 companies approved to list on the Nasdaq-style board have advantages within their own sectors, only those with the brightest prospects deserve to be highly valued, CICC analyst Zeng Lingbo said.
» According to Caijing statistics, seven of the 10 firms set their IPO prices at the upper limit of their proposed ranges. The average price-earnings ratio is around 54 times diluted 2008 earnings.
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