China's IPO Problem: Why Can't Shanghai Run A Public Offering?

In 2007, PetroChina launched an IPO), and was valued at $1Tn. In the next 20 weeks, the share price fell 52%. The stock never recovered. Today, PetroChina's shares are down almost 90% from the IPO price. Recent IPOs show the same pattern. Chinese markets have not figured out how to manage an IPO.