Pricey M&A, Cheaper Gas Undermine Sinopec 溢价收购和成品油降价 中石化面对双重利空

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Sinopec (HKEx: 386; NYSE: SNP), one of China’s top 3 oil companies, is taking a double hit as China gets back to work this week, due to factors both within and beyond its control. First let’s look at the factor that’s well within its control, namely the announcement by Canada’s Daylight Energy (Toronto: DAY) that it will be acquired by a Sinopec unit for a tidy $2.1 billlion, or about double its market value. (English article) Obviously Sinopec sees something more in Daylight than most other investors do, but on a broader basis this kind of overpayment looks all too typical of China’s resources firms that look determined to acquire global assets at any cost under Beijing’s broader plan to make China more energy self-sufficient. The plan could ultimately work if energy prices remain high. But I suspect the bigger trend for the next 3-4 years will see stable and possibly even falling global prices as the world’s economy remains weak and alternate energy sources gain efficiency, meaning Sinopec is probably paying far too much for this company. On the more immediate front, Sinopec and fellow oil majors PetroChina (HKEx: 857; Shanghai: 601857; NYSE: PTR) and CNOOC (HKEx: 883; NYSE: CEO) are taking a hit from a 3-4 percent downward adjustment in gas prices announced by the state planner over the weekend. (English article) This will be the first downward adjustment this year, though it is far less than the 20 percent increase in domestic fuel prices the state planner has allowed since June 2010, the last time fuel prices were lowered. The irony is that even with this reduction China’s fuel prices are still generally higher than those in the US, and yet even at those levels the Chinese companies are all losing money on their refining operations. None of this looks good for Sinopec, which is the most dependent of the 3 big oil companies on refined product sales for its business. That fact, combined with the obvious overpayment for Daylight, are likely to weigh on both Sinopec’s business and its shares in the months ahead.

Bottom line: Sinopec’s overpayment for a major Canadian asset and China’s new lowered gas prices will weigh on the company’s business and stock for the next 6 months.

Related postings 相关文章:

◙ CNOOC’s Latest M&A: A Shaky Oil Sand Castle 中海油收购加国油砂生产商或招来更多麻烦

◙ CNOOC Woes Spotlight Environmental Perils

◙ China Makes Up Its Mind: Penalty Reform 中国终于下决心:改革惩罚制度

News Digest: October 10, 2011

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The following press releases and media reports about Chinese companies were carried on October 10. To view a full article or story, click on the link next to the headline.

══════════════════════════════════════════════════════

◙ Sinopec (HKEx: 386) to Buy Canada’s Daylight (Toronto: DAY) for C$2.2 billion (English article)

◙ China Home Prices Drop for First Time in a Year in Sept, Soufun (NYSE: SFUN) Says (English article)

◙ China Cuts Gasoline Prices for First Time This Year as Oil Costs Plunge (English article)

◙ Latest TD-LTE Trials End, China Mobile (HKEx: 941) Readies For Network Capability (Chinese article)

◙ Qihoo 360 (NYSE: QIHU) Sues Kingsoft Network Technology CEO (English article)

HK Woes Point to Shanghai Sell-Off Next Week 港股跌宕起伏沪深後市堪忧

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China’s struggling stock markets are taking a much-needed weeklong break for the National Day holiday, but weak sentiment has continued unabated in Hong Kong, where the stock market tanked earlier in the week and shares of premier brokerage Citic Securities (HKEx: 6030) stumbled badly in their first trading debut outside China. The Hong Kong board started off the week in free-fall, shedding 7.6 percent on Monday and Tuesday before staging a rally on Thursday. But it was still down 2.4 percent at the start of the Friday trading day, and the volatility clearly reflects investor angst over what will happen when trading resumes in Shanghai and Shenzhen next Monday, with more sell-offs likely. In the midst of the chaos, shares of Citic Securities (Shanghai: 600030), the first in a string of high-profile listings of major state-connected firms aimed at propping up the markets, stumbled out of the gate, losing as much as 10.5 percent from their IPO price on their first trading day before finishing the day unchanged, even as the broader market rallied 5.7 percent. (English article) The weak debut, which came after Citic Securities already scaled back the offering and priced its shares at the low end of their range, bodes poorly for a number of other major state-run firms lining up to go public, including Sany Heavy Industries (Shanghai: 600031), which is also planning a listing in Hong Kong, and China Communications Construction, which is planning a Shanghai listing. (previous post). Meantime, the weakness has led two premier Hong Kong-listed China Internet names, Tencent (HKEx: 700) and Alibaba.com (HKEx: 1668), to do the once unthinkable and actually buy back their shares (Tencent article; Alibaba article). They join a list of peers that has so far included many mid-sized US-listed China tech firms like Ctrip (Nasdaq: CTRP) and Renren (NYSE: RENN) but has yet to see the likes of top names like Baidu (Nasdaq: BIDU) and Sina (Nasdaq: SINA) resort to such buy-backs. But if the current sell-off continues, we might even see these big names join the buy-back frenzy, showing just how low sentiment has sunk towards China plays, especially Internet stocks.

Bottom line: China’s stock markets will fall when trading resumes next week, extending sell-offs in Hong Kong and New York while Chinese markets were closed for the October 1 holiday.

Related postings 相关文章:

◙ Beijing IPO Campaign to Boost Markets Falls Flat 大宗IPO提振中国股市或成泡影

◙ China Offers Up Premier IPOs to Revive Markets 大企业沪港上市 政府借机重燃沪港生机

◙ CITIC Securities $2 Bln IPO Looks Good, With Potential to Jumpstart HK 中信证券香港IPO值得期待

CDC Kicks Off China Bankruptcy Parade 中华网打开赴美上市公司破产魔盒

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The confidence crisis in US-listed China stocks has claimed its latest victim in CDC Corp (Nasdaq: CHINA), the former high-flying software maker which filed for bankruptcy in the US on Wednesday as it struggled under the weight of a costly lawsuit. (Chinese article) Old-timers will recall that this company, formerly known as Chinadotcom, was one of China’s first US-listed web firms to go public more than a decade ago. That makes its current demise somewhat significant, though the company had faded from prominence for quite a while before this latest development. In an ironic twist, CDC’s ticker symbol is CHINA, symbolizing the broader downfall of many US-listed China stocks in recent months amid a crisis of confidence about their accounting. In CDC’s case, the crippling blow was a recent $65 million judgment against it resulting from a 2009 lawsuit from another company called Evolution CDC. (English article) There are no other details about the lawsuit, but based on the plaintiff’s name and fact that it was filed 2 years ago, this looks more like a disagreement between CDC and one of its vendors than a shareholder lawsuit like many of the ones we have seen in recent weeks against Chinese firms whose share prices have plunged on a steady stream of news about financial irregularities. CDC could nowl see similar shareholder suits coming its way, as its shares plunged more than 50 percent after it announced the bankruptcy filing. I checked the details on CDC’s major shareholders and was surprised to find such big names as CalPERS, the massive California pension fund, and Morgan Stanley (NYSE: MS) among them as of June, underscoring just how popular these companies had become among investors before their recent demise. I’m sure we’ll see more similar bankruptcy filings in the next year or two, as the steady stream of shareholder lawsuits now being lodged get resolved in the courts, many in shareholders’ favor. In the latest of those, a company named SinoTech Energy (Nasdaq: CTE) is facing a new class action lawsuit for allegedly including misleading information in its registration statement. (lawsuit announcement) Stay tuned for more such lawsuits, and subsequent bankruptcy filings, as the ongoing confidence crisis plays out over the next 2 years.

Bottom line: CDC Corp’s bankruptcy is the first but almost certainly not the last for US-listed Chinese firms, which are defending themselves against a raft of shareholder lawsuits.

Related postings 相关文章:

◙ US China Stocks: Bloodbath Becomes Correction 在美上市中资股遭抛售 迈入股价修正新阶段

◙ US-Listed China Firms Fight Back — Finally 中国赴美上市公司最终还击

◙ Securities Regulator Seizes on US Confidence Crisis 中国证监会或介入企业海外上市

Yum China: Little Sheep Getting Tangled in Trade Friction? 百盛收购小肥羊案卷入中美贸易摩擦？

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The latest quarterly results from Yum Brands (NYSE: YUM) are once again all about China, with strong performance from that market salvaging an otherwise dismal period for the operator of the KFC and Pizza Hut chains. But for followers of this company, what’s equally interesting in Yum’s quarterly results announcement is what’s NOT included, namely any mention of its pending purchase of leading Chinese hot pot chain Little Sheep (HKEx: 968), which is still awaiting regulatory approval nearly 6 months after the deal was first announced. First a look at the third quarter numbers, which showed that Yum’s China business boomed in just about every way, even as operating profit in its home US market slipped 16 percent. (company announcement) Yum’s China revenue leaped 35 percent, while its China same-store sales and operating profit rose 19 percent and 7 percent, respectively. The only negative China figure in the results was store margins, which slipped to 21.3  percent this year from 25.2 percent in 2010 as inflation in China took a toll. But amid all those rosy figures, there was no mention at all of Yum’s pending $500 million acquisition of Little Sheep, a relatively straightforward deal which the company first announced in April but still hasn’t received regulatory approval. (previous post) Yum provided a brief update of sorts on the deal in its last quarterly results by mentioning it had set aside funds for the purchase, seeming to indicate it still believed the deal would get regulatory approval. (previous post) It’s hard to read too much into the failure to mention the deal in its latest results announcement, as perhaps there’s just nothing new to add. The most recent US-China trade frictions that have seen the US Senate approve a bill to punish China for currency manipulation could add an interesting twist to this deal. Beijing’s approval of the Little Sheep deal now would send a strong message that it’s committed to fair trade, and could help dispel some of the anti-China rhetoric on Capitol Hill. Still, one never knows with China, and the regulator could also choose to veto the deal in an angry response to the US Senate’s move, which would only heighten tensions. I honestly think the latter is less likely to happen as China has traditionally tried to defuse this kind of friction. Accordingly, I wouldn’t be surprised to see the Little Sheep deal finally approved in the next month as a goodwill gesture aimed at mollifying tensions.

Bottom line: China is likely to finally approve Yum Brands’ pending purchase of the Little Sheep hot pot chain in the next month to try to diffuse trade tensions with the US.

Related postings 相关文章:

◙ Yum Feasts on China, Still Eying Little Sheep 百胜依然觊觎小肥羊

◙ China’s Heavy Hand Leaves Investors Wary on YUM’s Little Sheep Buy 百胜难吞小肥羊

◙  YUM and Little Sheep – A Sweet Match If China Approves 美国百胜购小肥羊：甜蜜姻缘还靠中国政府成全

Lashou Ropes in Small Potatoes For US IPO 拉手网聘二流承销商赴美上市

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Turmoil and discord continue to plague the online group buying space, with industry leader Lashou taking a dubious step in its struggle to make an IPO before the market collapses by hiring a couple of second-tier investment banks to underwrite the offering. Reuters is reporting the company has hired leading Chinese investment bank CICC and top Japanese investment bank Nomura to lead the New York offering to raise $100-$200 million (Chinese article). The hire  comes after Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) abruptly resigned from the case last month due to concerns over accounting records at some of Lashou’s recent acquisitions, and after another leading group buying site, 55tuan, reportedly failed to find an underwriter for its planned IPO for similar reasons. (previous post) I applaud Lashou for its tenacity in making an IPO; but it’s also painfully apparent the company had to resort to CICC and Nomura after the first-tier US and European investment banks all shunned the deal. Neither CICC  nor Nomura has particularly strong ties to US investors, which means that Lashou’s IPO, if it really goes ahead, will face an uphill battle attracting investors to this offer from a sector in crisis. The turmoil first surfaced earlier this year when Gaopeng, the group buying joint venture between US group buying pioneer Groupon and Tencent (HKEx: 700) launched mass layoffs. Groupon.cn, a China competitor unrelated to US-based Groupon, has also reportedly laid off many employees (Chinese article); and 55tuan itself has also started some layoffs, though the company has denied gossipy reports that it was laying off up to 70 percent of its staff. (English article) A sector in so much turmoil will hardly be attractive to US investors, who are already wary of Chinese companies due to several recent high-profile accounting scandals. That said, and considering the weakness of Nomura and CICC in this space, I would look for Lashou’s IPO to price at the low end of its range and ultimately raise less than the minimum $100 million it is targeting, as investors avoid this highly problematic offering — if it even makes it to market at all.

Bottom line: Lashou’s upcoming New York IPO is likely to attract little or no investor demand due to weak underwriters and turmoil in China’s ultra-competition group buying space.

Related postings 相关文章:

◙ Lashou Begs for an IPO Banking Partner 拉手网拼命寻找上市承销商

◙ 55tuan Layoff Rumors Mark Latest Group Buying Distress Call 传窝窝团大裁员 团购业前景黯淡

◙ Group Buying Sites: The First to Fall? 团购网或将在互联网泡沫破灭时应声而倒？

Alibaba: The Little Genie That Roared?

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This week will see a limited offering of commentaries during China’s National Day holiday, starting with the latest provocative words on and about Alibaba Group, including Jack Ma’s latest interest in global expansion and critical words about the controversial Alibaba chairman from another major web executive. Jack Ma mildly surprised the world over the weekend when he declared that his company is “very interested” in Yahoo (Nasdaq: YHOO), the struggling global search player which also happens to own 40 percent of Alibaba. (English article) The context of his remarks strongly implied that Ma was interested not only in buying back Yahoo’s 40 percent Alibaba stake, but also in potentially buying Yahoo itself. If such an outcome came to pass, it would certainly look like a “Mouse that Roared” scenario, a reference to the 1959 movie that sees a tiny European nation declare war on the US, and then go on to win. In this case, I could easily see Ma joining a group of private equity or other investors that eventually goes on to buy out Yahoo, and then Ma being named as Yahoo’s new CEO. Whether this is a good idea is a different matter. Ma has little or no experience running a major global company like Yahoo, and his time might be better spent staying at home to tend to his only listed company, China’s biggest B2B marketplace Alibaba.com (HKEx: 1688), which is also struggling. There’s also no reason to believe that Ma can succeed where a group of seasoned big-name Western executives before him have failed in the campaign to revive Yahoo. But that said, perhaps Ma’s outside perspective could be just the medicine to turn Yahoo around. If he ends up taking over, I would still peg his chances of success at just 20 percent, but not rule out success completely. In the second development, Joe Chen, CEO of Renren (NYSE: RENN), often called the Facebook of China, has lashed out at Ma and Alibaba for greatly contributing to the current confidence crisis in US-listed China stocks through his controversial spin-off of Alibaba’s e-payments unit, Alipay, earlier this year. (English article) I won’t go into all the background here (previous post), but Chen may have a point to some extent, as the high-profile misstep captured global headlines for several months and spotlighted the questionable business tactics used by many Chinese firms. Still, it might be a slight exaggeration to blame Ma for such a systemic problem, and as I said last week, the sell-off that has seen many US-listed China companies share prices tank in the last few months now looks more like a long-overdue correction in their overinflated share prices. (previous post)

Bottom line: A successful bid by Alibaba’s Jack Ma to take over and run Yahoo would likely end in failure, with only a 20 percent chance of success.

Related postings 相关文章:

◙ Yahoo: A Good Time to Break From Alibaba? 雅虎与阿里巴巴分手时机还不成熟

◙ Alibaba.com Blows Smoke With HiChina Spin-Off Plan 阿里巴巴网络分拆万网放烟幕弹

◙ More Internet Froth in Alibaba Valuation, Dangdang Price War 阿里巴巴估值奇高凸显网络泡沫

News Digest: October 1-3, 2011

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The following press releases and media reports about Chinese companies were carried on October 1-3. To view a full article or story, click on the link next to the headline.

══════════════════════════════════════════════════════

◙ Alibaba Group Chmn Jack Ma Says ‘Very Interested’ in Buying Yahoo (Nasdaq: YHOO) (English article)

◙ Demand for TD-SCDMA Chipsets Soars in H2 2011 (English article)

◙ Home Inns (Nasdaq: HMIN) Closes Motel 168 Acquisition (PRNewswire)

◙ Yingli Green Energy (NYSE: YGE) Announces Share Repurchase Program (PRNewswire)

◙ WuXi PharmaTech (NYSE: WX) Says Cuong Viet Do Resigns From Board (PRNewswire)

China Mobile Shuffle: Sea Change Coming? 中移动高层变动或引发重大变化？

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There’s been a flurry of noise this week from both the boardroom and from shareholders of China Mobile (HKEx: 941; NYSE: CHL), in the latest signs that long-serving conservative Chairman Wang Jianzhou will soon retire to bring in younger blood and new ideas. What’s most interesting here is that shareholders are taking advantage of the situation to make their case for bigger dividends from cash-rich China Mobile, as well as a more aggressive M&A policy — both of which could help to boost the company’s stagnant shares if the new top managers take notice. Domestic media are reporting that China Mobile’s state-run parent has just formed a new 9-member board, which includes Wang as chairman and his two heirs-apparent, Xi Guohua and Li Yue, as board members, along with 5 outside directors. (Chinese article) The inclusion of Wang’s two successors, along with so many outside directors, is the latest indication that Beijing is looking to bring some new ideas to China Mobile after the departure of Wang, whose 5 years at the top of the company saw it consolidate its market-leading position but do little else to expand its business. Investors, sensing that change is coming soon, have suddenly started clamoring for China Mobile, which has a cash pot of $50 billion, to use that money to pay out more dividends and assume a more aggressive global M&A policy. (Chinese article) Investors have made similar calls from time to time over the years, but most of those have failed to sway Wang, who seems to come from the old school that believes you can never save enough cash. Xi and Li both come from technical backgrounds and don’t really look like a bold new generation of leaders that China Mobile really needs to bring back some excitement to the company. But that said, they certainly can’t be more conservative than Wang, and I wouldn’t be surprised to see the company boost its dividend payout ratio and also pursue some interesting global M&A once Wang retires, which could happen by the end of this year.

Bottom line: China Mobile’s new leaders are likely to return more cash to investors and pursue a more aggressive M&A strategy after the company’s current conservative chairman retires.

本周不断传来关於中国移动<0941.HK; CHL.N>董事会和股东们的消息，最新迹象显示中移动董事长王建宙或很快退休，让位给新人，也为公司带来新的思路。最有趣的是，中移动的股东们正借此希望谋求更多红利以及希望公司实行更积极的并购政策。如果新管理层对此买账，这将有助於提振公司表现不佳的股价。国内媒体近日报导称，中移动母公司成立了由九位成员组成的董事会，其中包括该公司董事长王建宙、副董事长奚国华和董事兼总经理李跃，还有另外五名外部董事。将王建宙的两名接班人及如此众多的外部董事纳入董事会的举动也再次说明，中国政府正考虑在王建宙离任後为中移动带来新鲜血液。在王建宙任职期间，中移动强化了其市场领头羊地位，但在扩大业务方面几无建树。嗅到这种变动气息的投资者们突然开始纷纷要求中移动将持有的500亿美元现金返还给投资者，以及寻求收购资产。投资者们过去几年不时提出过类似要求，但多数未能动摇王建宙。王建宙似乎比较保守，认为现金再多也不为过。奚国华和李跃均为工科背景，似乎也不属於那种作风大胆的新一代领导人，但他们肯定也不会比王建宙更保守。一旦王建宙退休，如果中移动开始提高股息派发率且进行一些有趣的全球并购，我不会感到意外。

一句话：中移动的新领导很可能在现任董事长王建宙退休後，向投资者返还更多资金，并实行更积极的并购策略。

Related postings 相关文章:

◙ Latest Comments Show Why China Mobile’s Conservative Wang Should Retire 王建宙从中国移动退休或许已为期不远

◙ Unicom’s Sputtering 3G: Blame It On the Handsets 联通幡然醒悟 借低价手机扩张3G市场

◙ China Mobile: Where’s the 3G iPhone? 中移动4G网络稳步推进 3G版iPhone或遇阻

US Congress Turns Up Heat in China Solar Debate

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There aren’t many things that US Republicans and Democrats can agree upon, but one of the few issues that seems to be uniting them in Washington these last few weeks is China bashing. In this particular case, both parties are strongly denouncing Chinese solar energy manufacturers, blaming their strong support from Beijing for an unfair advantage that has bankrupt many US solar panel makers in recent months. (English article) I previous predicted such China bashing would be coming after the US House of Representatives opened a hearing earlier this month into a $528 government-backed loan given to now-bankrupt US solar firm Solyndra. (previous post) But while I predicted we would see lots of anti-China talk, I failed foresee that the Democrats would unite with Republicans in the debate, making the likelihood of actual punitive measures more likely in this year before the big 2012 presidential elections. Now it looks like the House will call on the Obama administration to take this case to the World Trade Organization (WTO), which could easily rule against China due to Beijing’s huge support for its solar sector in the form of a wide range of preferential treatments for these firms. While such a complaint could take several years to resolve, the US lawmakers could also turn to the US-based International Trade Commission (ITC), which has the power to immediately issue punitive tariffs if it feels there is a strong case of unfair trade practices. Ironically, all the anti-China talk comes as Suntech (NYSE: STP), one of China’s leading solar players, has just announced a relatively big deal to supply 35 megawatts of capacity to two California projects. (company announcement) If the anti-China rhetoric continues on Capitol Hill and eventually turns into action at the WTO or ITC, this sale for Suntech could be one of the last ones from China to the US that we’ll see for a while. Of course, US solar energy producers might not have a lot of other choices by then, as most US panel makers are either on the brink of bankruptcy or already out of business.

Bottom line: US Congressional rhetoric against Chinese solar panel makers is showing signs of turning into concrete action in the form of punitive tariffs.

Related postings 相关文章:

◙ Tech, Environmental Issues Cast New Clouds Over Solar Firms

◙ US Solar Probe: Get Ready for China Bashing 美国太阳能调查：炮轰中国大潮的前奏

◙ US Solar Maker Fights Back With Govt Loan

 

US China Stocks: Bloodbath Becomes Correction 在美上市中资股遭抛售 迈入股价修正新阶段

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The sell-off of US-listed China stocks accelerated on Thursday, with shares of premier names Baidu (Nasdaq: BIDU) and Sina (Nasdaq: SINA) each dropping around 10 percent after US media quoted a securities regulator saying his agency was looking into accounting fraud by US-listed Chinese firms. (English article) But after months of negative news and selling of these stocks, I’m convinced this sell-off is moving into a new phase that marks a long-awaited correction in unrealistic valuations for many of these companies during a massive run-up in their prices over the last few years fueled by China Internet hype. A closer look at the market will show that the Thursday sell-off was hardly broad-based but rather was largely limited to companies with overinflated valuations. Even after a sell-off that has seen its shares drop more than 30 percent in the last 3 of weeks, Sina shares still trade at a ridiculously high price-to-earnings ratio of 115 times earnings for the next 12 months. Baidu shares, which have lost a similar amount over the same period, now trade at a more reasonable but still high PE of 42. By comparison, online travel leader Ctrip (Nasdaq: CTRP) and leading social networking site Renren (NYSE: RENN) both saw their shares actually gain on Wall Street on Thursday, as each announced a share buyback plan of $100 million and $150 million, respectively. (Ctrip announcement; Renren announcement) Perhaps these buy-back announcements helped to protect Ctrip and Renren’s shares to some extent in yesterday’s sell-off; but more importantly, Ctrip now has a more modest valuation of 30 times earnings for the next 12 months, while Renren’s PE is negative as it’s still losing money. All that said, I think it’s highly unlikely that these bigger, industry leaders are the focus of regulatory investigations, which are mostly reserved for the smaller US-listed China firms without big-name accountants. Instead, this continued sell-off looks like it has turned into a much needed correction for overhyped Chinese stocks, which will continue until their valuations come down to more reasonable levels.

Bottom line: Investors who profited from a run-up in US-listed Chinese stocks over the last few years are seizing on a confidence crisis to pocket their gains.

在美上市中资股周四再遭抛售。美国媒体引述美国证券交易委员会一位官员的话表示，司法部正在调查一些在美国股票交易所挂牌的中资企业财务违规问题。受此影响，百度<BIDU.O>、新浪<SINA.O>等双双大跌约10%。不过，经过数月来的负面消息与相关股票的抛售，我认为中资股抛售正进入新阶段，开始修正过去几年来对这些企业逐渐形成的不现实估值。细看市场表现，你会发现周四中资股并非全面遭遇抛售，主要局限於估值过高企业。过去三周新浪股价虽已大跌超30%，但其未来12个月动态市盈率仍高达115倍。百度股价同期跌幅与新浪几乎相当，目前其市盈率为42倍，相对合理一些，但仍非常高。相比之下，中国国内领先的携程旅行网<CTRP.O>与社交网络人人网<RENN.N>周四实际逆势上扬。两公司均宣布股票回购计划，规模分别为1亿美元与1.5亿，也许回购计划在一定程度上帮助两公司股票在昨天的抛售中免遭一劫。但更重要的是，携程未来12个月动态市盈率为30倍，人人网由於仍在亏损，市盈率为负值。虽然如此，我认为这些行业领头羊不大可能是此次监管调查的焦点，调查重点可能主要集中在所用会计企业不太知名的、在美上市较小中资企业。此次继续抛售看起来正转变为中国概念股的修正，相关企业估值回到合理水平前，股价修正还会继续。

一句话：过去几年中利用在美上市中资股获利的投资者正抓住此次信任危机售股套现。

Related postings 相关文章:

◙ US-Listed China Firms Fight Back — Finally 中国赴美上市公司最终还击

◙ Securities Regulator Seizes on US Confidence Crisis 中国证监会或介入企业海外上市

◙ Accounting Scandal Claims AutoChina As Second Big Victim