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Opinion

China's STAR market celebrates first year but numbers do not add up

It is easy for tech companies to list on it and shows country opening up

| China
The fact that ChiNext is about to adopt the same rules as STAR shows how influential the new market has become.   © Imaginechina/AP

Fraser Howie is co-author of "Red Capitalism: The Fragile Financial Foundations of China's Extraordinary Rise."

On the anniversary of the opening of Shanghai's STAR market, do average returns of more than 200% for new listings signal success or failure? Over the past year, about 130 initial public offerings have raised over $25 billion, with a median of around $100 million per listing. That is pretty good by the numbers.

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