Tuesday, February 15, 2005

Nasdaq-listed China Stocks' miserable start to the year - unrealistic investor expectations?

From TheStandard: Mainland tech firms falling fast on Nasdaq

"Shares in every mainland firm listed on the tech-laden market are down, some by more than half. Shanghai-based online recruiting firm 51job's shares fell 56 percent after it said fourth-quarter earnings would disappoint. Analysts, many of whom recommended the stocks, claim the problem, in most cases, is not poor management, but unrealistic investor expectations. How, they ask, can mainland Internet portals such as Sina or Sohu be expected to rake in the sort of profits seen at Yahoo and Google, two high-flying Nasdaq-listed firms operating in the United States, a country with high broadband and credit card penetration?"

"It's not that the model [for these companies] is bad, it's just that the market is not big enough yet,'' Anthony Lok, managing director at BOC International in Hong Kong, said. "Everyone sees 1.3 billion people buying things online, but it turns out that 800 million of them are sitting on the farm,'' he said." Read more

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