Shares in mainland outdoor advertising firm Clear Media fell 8.3 per cent below the issue price on its market debut yesterday. With the initial offering at HK$5.89 a share, Clear Media had been priced at more than 57 times its forecast diluted earnings per share of 10.2 HK cents this year. Brokers said the valuation was aggressive compared with recent comparable mainland companies. That contributed to the weak share price performance, despite continued buying orders by lead sponsor Goldman Sachs. Last month, aluminium giant Chalco and flat-glass maker Zhejiang Glass were sold at between eight and nine times price-earnings ratios in the SAR capital market. After opening at the intraday high of HK$6, Clear Media's shares fell gradually and ended at an intraday low of HK$5.40. Some HK$249.64 million worth of shares changed hands. Brokers said the poor performance was also due to soured investor sentiment toward mainland private enterprises after media reports cast doubt on refrigerant distributor Greencool Technology. Although the investor base of Clear Media is primarily institutional, which means a generally longer investment horizon, brokers said selling by retail investors dragged down its share price. 'Many retail investors have a very short-term investment strategy. When they saw Clear Media's share price was not rising, they quickly dumped its shares to cut losses,' said Tung Tai Securities associate director Kenny Tang Sing-hing. But one fund manager at a North American fund company said: 'I think some institutional investors have also been taking a short-term trading strategy on these mainland stocks especially after the Greencool incident.' A spokesman for Goldman Sachs defended its performance. 'Short-term volatility does not accurately reflect its long-term fundamentals,' he said.