Word: stockely
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Plenty of stock analysts and fund managers disagree, arguing that prices are simply keeping pace with China's remarkable economic rise and that accounting reform and better supervision have made Chinese companies more attractive. The country's GDP grew 10.7% last year, the highest rate since 1995. But the alarm is being sounded by Beijing officials, who are worried there could be another Chinese market meltdown like the one in 2001 that soured the public on stocks for years. On Dec. 30, Cheng Siwei, a vice chairman of the National People's Congress, cautioned investors against "blind optimism...
Take the nation's largest life-insurance company, China Life, which trades in Shanghai, Hong Kong and New York City. On Jan. 31, its shares had a price-earnings ratio of around 70 (a stock's P/E ratio shows the amount investors are paying for each dollar of per-share earnings). That's a richer multiple than investors are shelling out for fast-growing Google...
...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...
...Shanghai investment consultancy. He argues that Chinese companies are stronger and more efficient than they were a few years ago. "It's dangerous to bet against China," he says. Also, if China Life and banks that fueled last year's blockbuster IPOs are excluded from the picture, Shanghai stocks trade at prices comparable to those of Asian firms listed on other regional bourses. In fact, some of China's smaller manufacturing and textile companies are still relatively undervalued. "Judging from history, the stock market doesn't bust when the buying is concentrated on blue-chip names," says Lan Xue, head...
...East and begin to deal with the world as it is, rather than how the Administration wishes it to be. Restoring U.S. prestige will involve the kind of trade-offs between interests and ideals that she and Bush have so far been reluctant to make--but that are the stock-in-trade of successful U.S. diplomacy. Given the limited time available for the task ahead, it's admirable that Rice still exudes optimism. Asked whether this is an interesting time to be Secretary of State, she laughs. "No better moment," she says. Now she needs to seize...