“I am worried about the China stock market because of its high P/E ratio,” Li, Asia’s wealthiest businessman, said after the annual general meeting of conglomerates Cheung Kong and Hutchison Whampoa, which he controls.

Last week, the Shanghai Composite Index breached the historic 4,000 points level for the first time, putting stocks there on Price/Earnings Ratios — a standard measure of valuation — at about 50 times compared with the Asian average of 14-18, according to analyst estimates.

As the Chinese markets have gone from one record to the next, in massive volumes sometimes second only to Wall Street, officials have repeatedly warned of the dangers of a bubble bursting which would hit small investors hardest.

The extent of China’s stock market fever was outlined in a recent central bank survey which showed 30.7 percent of the public planned to tap their low-interest savings accounts to buy into equities.

It is this frantic investment that has experts calling for Beijing to take action or eventually face serious economic consequences.

Li, who has been a buyer of shares in many mainland Chinese companies, said volatility in the China market and the economy could affect the Hong Kong bourse.

However, he did not rule out a listing of his own in China, saying the move was possible but only when the market there has reached a certain level of maturity.

“Listing on the mainland is possible but only when the market matures,” he told reporters.

He did not mention which of his companies might be listed on the mainland nor did he elaborate about what market conditions would make a listing possible.

Analysts said they did not think Li’s comments would have much affect on the markets.

“He is a property tycoon not a stocks guru — everyone is entitled to their own opinion,” said CSFB chief regional economist Dong Tao.

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