The rush by many Chinese companies to go public has prompted a warning to smaller and younger firms seeking IPOs on overseas markets, state media reported. It cited an advisor to the China Securities Regulatory Commission, also a partner in Ernst & Young Beijing, which has launched its Global IPO Survey 2005, with cautionary advice. Advisor K.C. Yao said companies that only met the minimum listing standards should take their time and not leap to be listed. IPO and after-market costs have sharply increased and Chinese companies must carefully study their business models, growth, sustainability and investor expectations. Strict US regulations should make Asian firms think twice, he said.