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China's new tech stock market already in bubble territory
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Friday, October 30, 2009
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By Daily Crux Editor Justin Brill:

China just launched its new Nasdaq-styled stock market, called ChiNext, intended to help smaller private companies compete in the Chinese financial system that favors larger, state-controlled companies.

Its 28 small-cap technology stocks began trading for the first time today, and quickly gained an average 100% before lunch, leaving the index trading at an insane 100 times earnings at the end of the day.

The buying was so crazed that each of the 28 stocks was halted at least once during the day because it had moved too far too fast.

This probably won't end well...

Read full article...

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Topics: China | Stocks
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