Tech stocks near bubble territory

Valuations of many homegrown companies are far higher than those in the US during the dotcom peak of 2000, reports Bloomberg.

The world-beating surge in Chinese technology stocks is making the heady days of the dotcom bubble look tame by comparison.

The industry is leading gains in China's $6.9 trillion stock market, sending valuations to an average 220 times reported profits, the most expensive level among global peers. When the Nasdaq Composite Index peaked in March 2000, technology companies in the United States had a mean price-to-earnings ratio of 156.