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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