Two years of Chinese IPOs have all lost money

According to the China Securities Index Company statistics in 2010 and 2011, the Shanghai Stock Exchange main board 64 IPOs, the average price-earnings ratio of 37.55 times, 87.19% higher than the 20.06 average market price-earnings ratio; Shenzhen SME Board had 319 IPOs. The average price-earnings ratio was 48.53 times, 27.41% higher than the average price-earnings ratio of 38.09.
ChiNext is a bit special, over two years there were 245 IPOs, the average price-earnings ratio was 59.49 times, 7.39% below the average P/E ratio of 64.24. This occurs mainly because the ChiNext-listed shares have high P/E when they IPO, and after trading the P/E ratio begins to decline.
I don't understand that last sentence, unless they meant to say that earnings are overstated at the IPO.
The IPOs had higher issue prices, then gradually turn lower. Statistics show that in 2010 and 2011 the average IPO saw a first-day increase of more than 32.25%. After one week, that gain was reduced to 28.21%, a month later it fell to 25.94%, three months later it was down to 20.71%, and one year after listing the average share price was below the issue price, a decrease of 11.87%. Among them, the largest decrease was in the ChiNext shares, a year after listing the price was down 19.35% from the first day of trading; big board followed, down 11.55%; small and medium shares were down 6.26%.
Investors aren't interested in buying stocks these days......

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