What Is a "Great Wall to Nowhere" Worth?
With a first-day gain of just 28% -- less than half the average gain this year -- the IPO of Metallurgical Corporation of China is considered a disappointment. I recognize that China is embarking on a "Great Wall to Nowhere" infrastructure program to stimulate growth, but 42 times trailing earnings for the contractor of the "Bird's Nest" Olympic stadium looks pretty rich to me all the same. 
I warned about the bubble in Chinese IPOs
at the end of July July and the risks do not appear to have abated; I fear this will end in tears. For now, there is no shortage of demand for these offerings:
"Chinese companies listing on the mainland and in Hong Kong have raised four times more than European and US issuers combined so far this year, highlighting the strength of investor appetite for initial public offerings in the region." 
This is more than investor appetite, it is a ravenous hunger!
 China Metallurgical Shares Rise in Shanghai Debut, Bloomberg, September 21, 2009
 China's IPO Appetite Leaves Europe and US Behind, Financial Times, September 21, 2009