This afternoon I purchased shares in Tibet 5100 (HK:1115). Tibet 5100 is essentially a bottler and distributor of mineral water sourced in Tibet. The company is still very much in growth mode as it builds up its client base and expands its distribution network generally. As at 30th June, the company's balance sheet had no debt and RMB1.1 billion in cash on the balance sheet. Assuming the first half is representative of the full year (which is a huge assumption but not much other information is available), I would expect the company to be on a PE in the range of 10-12x 2012 earnings and I would be very surprised if it did not pay a meaningful maiden dividend. The strength of the balance sheet combined with the very large gross profit margin gives a measure of downside protection.
Conceptually, bottled water is an industry that has considerable potential to grow in China. Outside of tourist and office areas penetration rates are (I believe - I couldn't find any hard data) low and water quality is a huge issue in China generally.
I paid HK$2.05 for my shares.