The latest ChiNext listing nominees have tripled their initial public offerings based on the massive gains in share prices of the companies that listed on the start-up board in October, the Wall Street Journal reported. The eight companies said they will raise a total of RMB4.9 billion (US$717.6 million) from their IPOs against a previously planned RMB1.6 billion (US$234 million). However, analysts cautioned that the new stocks have excessively high valuations with an average price-earnings ratio of 83.6 against an average of 50 for the 28 companies that have already listed on the new board. "Beijing is in a dilemma," said Guoyuan Securities analyst Simon Wang. "If valuations on the ChiNext don’t have the potential to jump higher, then investors will be less enthusiastic about it. But if valuations are too lofty, then the risk of a bubble heightens," he said.