they are high growth company, much more sensitive to financial events.

2, weaker corporate governmence compared to local peers. CAO is one typical example, ironically, CAO was awarded the "most transparent listed company" in 03 or 04.

3. short track record and weaker financial balances.
one example is People food. when the founder was reported to have financial problems in 2005, the stock price plunged...

personally i feel there are two kind of high growth companies and the reaction to macro events are somehow different.

one is in emerging market, such as china, india. the economic and sectors are growing faster and the companies have large potentials.. u can imagine how sensitive these companies will react to overall macro events. i recalled, early this year, SGX-listed china stocks surged (quite a few up >10% on that day) on news that President Hu said China 1Q growth 10+% which was higher than expected..

2nd kind is companies with innovation technologies, like Solar battery companies, Google. They are really growing companies. As their sector/technogy is consider as future sector/tech. you need to take a very long term view on the companies and ignore tempemary macro events. as such, they reacts to macro events to a less degree.

My impression is solos is macro player for his famous pound hedging with 1B profit in 1 day.