Baofeng Limit Up Again

Shares were limit up 10%, the 29th limit up day out of 30. Distribution is taking place and a top is imminent, if we didn't see it today.

Chinese Online Video Service Baofeng Heading Towards VR Business after Long-expected in IPO

Chinese video player and online video provider Baofeng was listed on Shenzhen Growth Enterprise Market on March 24th, raising RMB510 million (US$82 million). Baofeng closed up 44% on its debut, increasing the company’s market cap to RMB1.23 billion.

...Net profit climbed 8.61% year-on-year to RMB41.85 million in 2014. Its clients include big names like Taobao, JD, Baidu, Yum!, amongst others.

At the IPO shares were priced at 21 times trailing earnings. The first day pop took it to 30 times. Not expensive by any stretch. Today, that trailing P/E is over 500.