Sino Agro Food Inc (fka SIAF)

[The Swede]

You are correct.

During 2012 to May 2016, the PE ratios at the offer price of IPOs in Hong Kong were on
(MC-weighted) average somewhat lower than in the Shanghai and Shenzhen markets (see
Figure 11). However, as shown in Figure 12, the stock valuation differentials for IPOs
varied across industrial sectors. For the full period, IPOs in Hong Kong had higher
valuation than IPOs in Shanghai in a number of sectors — Consumer Discretionary,
Consumer Staples, Energy, Health Care and Utilities — and also higher valuation than IPOs
in Shenzhen in some of these sectors.