Word: mainlanders
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...That's easier said than done in a throbbing boomtown like Macau. In 2002 the government lifted a 40-year monopoly on casinos, prompting a gambling and tourism explosion that brought a record 22 million visitors to Macau last year. Fueled by punters from mainland China, it has surpassed the Las Vegas strip as the world's biggest gambling center. The territory has also been dragged into the current standoff between North Korea and the U.S. The U.S. Treasury Department has named Macau's Banco Delta Asia a "willing pawn" in money laundering for Pyongyang, prompting the territory's regulators...
...share earnings). That's a richer multiple than investors are shelling out for fast-growing Google, the investing world's flashiest Internet phenomenon. Nor are high prices confined to just a few Chinese stocks. Webb estimates the average P/E for so-called "A" shares (stocks available to mainland investors on China's Shanghai and Shenzhen bourses) at 34; the current P/E for U.S. stocks in the S&P 500 Index is 18. Want more proof? According to a recent report by investment bank JP Morgan, out of 37 Chinese companies listed jointly in Shanghai and Hong Kong, eight trade...
...surprisingly, comparisons are being drawn between China's stock boom and the U.S. dotcom bubble of the late 1990s. Certainly there are similarities, such as a frenzy for initial public stock offerings. As investor demand for Chinese stocks has intensified, so has the list of mainland companies eager to cash in on the mania by going public. In 2006, Chinese companies raised more than $53 billion in the Hong Kong and Shanghai markets through IPOs and secondary share offerings, up from $24 billion the year before. Among them was the largest IPO in history, November's $22 billion listing...
...high prices confined to a few Chinese stocks. Webb estimates that the average P/E for "A" shares (stocks available to mainland investors on China's Shanghai and Shenzhen bourses) is 34; the current P/E for U.S. stocks in the S&P 500 Index is 18. Want more proof? A report by investment bank JPMorgan notes that of 37 Chinese companies listed jointly in Shanghai and Hong Kong, eight trade on the mainland at valuations at least double those quoted in Hong Kong. "The risk-reward picture is unhealthy at the moment," says Frank Gong, JPMorgan's chief economist for China...
...surprisingly, comparisons are being drawn between China's stock boom and the U.S. dotcom bubble. Certainly there are similarities, such as a frenzy for initial public stock offerings. As investor demand for Chinese stocks has increased, so has the list of mainland companies eager to cash in on the mania by going public. In 2006, Chinese firms raised more than $53 billion in the Hong Kong and Shanghai markets through IPOs and secondary share offerings, up from $24 billion the year before. Among them was the largest IPO in history, November's $22 billion listing in Hong Kong and Shanghai...