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Bloomberg notes that the Chinese stock market's benchmarket CSI 300 "would have to drop 65 percent to match the average multiple for Chinese shares traded in Singapore."

On the mainland, investors pay 147 times earnings to own Fortune Ng Fung Food (Hebei) Co. Hong Kong-listed China Yurun Food Group Ltd. trades at 26.7 times profit. And in Singapore, People's Food Holdings Ltd. is valued at 11.7 times earnings.

"There is not that big a difference in their businesses, so there shouldn't be such a difference in their prospects and valuations," says Greg Lesko, who helps manage $900 million at New York-based hedge fund Deltec Asset Management.

Posted by edelfenbein at June 11, 2007 1:10 PM