The expectation for investment in China

There were many chinese interenet companies to advance to NASDAQ last year.
Surprisingly BAIDU's PER was over 2000 and Yahoo acquired 49% stocks of Alibaba with $1B although Alibaba's revenues is $46m in 2004.
Why are investors crazy for china market? Do you know it?
Sometimes I ask my foreign friends why. Their answers are too simple.
Developed countries' markets are already saturated and they don't have any exits to escape from this situation.
If they can not find out potential market, investors will leave financial market and will be in Chaos. Thereby financiers should have given them alternatives for it not love china market.
I will show you some examples.
Recently BOC (Bank of China) listed in NASDAQ and made tremendous wind in stock market.
It was listed with almost $10B value. However the reputation for clients are not so good.
Service quality is worse than othes (especially ICBC) and NPLs of BOC are not so sound.
I think that if BOC would list in China without foreign investors, then main chinese investors would not have interest in purchasing it.
One another, most chinese internet companies' next year's revenues after listing in NASDAQ are not so good except for BAIDU.(In fact, I am not trust BAIDU's financial report)
SHANDA's revenue was so great before listing and in listing year. However, the next year's revenues came down. Because their main payment way is selling prepaid card, they could easily manipulate its revenue. SHANDA previously sells prepaid cards to distributors(one of them is SHANDA's) and makes payment record with that company. Normally most chinese companyies manipulate their own revenues like this for borrowing money from bank or being invested by foreign investors.
So what?
If somebody ask me like that, I'd like to reply them like this.
"Investing in China is not bad idea. But be careful for it. At least, the bubble shock from China will come to us and many things will be rearranged after it. And then, we will meet new phase of investment in China and have good chance to purchase cheaply good chinese things(stocks, bonds, real estate and NPL etc.) Don't forget it and invest in China"