← Watchtower
August 19, 2026

Companies that have listed in Shanghai this year have an average price-to-earnings ratio of 268 and a price-to-sales ratio of 43.

The investment community likes to think of China as a cheap market. But that's only true for the largest mega-caps: banks, oil & gas, and the old retail tech giants.

The AI-related equity boom in China is running even hotter than the one in the US.