Investors attending a lunch presentation by listing candidate China Glass Holdings yesterday were courted with an impressive track record for the past three years, but no indication of whether this will, or can be, sustained in future. Without even a 2005 profit projection to guide them, potential investors were left wondering whether falling domestic glass prices will erode the bottom line or what impact a slowdown in the mainland property sector may have on demand for its products. 'Prices seem to have peaked last year and have dropped 10 per cent in the first half,' an analyst who attended yesterday's event said. The company's management said it was confident that its increasing focus on international markets, which accounted for 21.3 per cent of its sales last year, would enable it to maintain its gross margins at current levels. International glass prices were more stable than domestic prices, it said. The Jiangsu province company is aiming to raise up to $207 million by selling 90 million shares, or 25 per cent of its issued share capital, at $1.50 to $2.30 each. The price will value the company at 8.83 to 13.54 times its 2004 earnings, which amounted to 64.81 million yuan. China Glass' share sale is being handled by Guotai Junan Securities and the trading debut is scheduled for June 23.