If they grow like savages then a P/E of 50 is possible anywhere in the world, even on OTC. For TRW. I have showed an example in the past of a chinese automotive company on OTC with very high growth and a very high P/E.
The problem with most (if not all) small caps is that they do not grow. Everything just goes sour, downhill. Including SIAF these past 2 years. It's not a coincidence. Lack of execution is rampant amongst these Chinese companies.
You have to laugh (or cry). CCCL has an order backlog of $0. And now they have filed an S-3 so they can raise $50M more from this market.
MM I would expect a p/e between 15 and 30 in Hong Kong. If TRW can expect a growwth rate of 20% during the next few years after listing a p/e of 20 would seem justified. A higher expected growth rate in earnings per share would warrant a higher p/e ratio.
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