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If it wasn’t a China IPO bubble, then it most certainly was a great example of the ‘greater fool theory’ applied to China-based stocks.

The following 23 China stocks IPO’d from September 2010 through May 2011. The average loss from the IPO price is an astounding -39%.

The bloom is obviously off the China rose. The exit window/door was small. Did you get out in time?

23 China IPO disasters

IPO

IPO

1st day

Recent

From 1st

From IPO

Date

price

close

price

day close

price

Mecox Lane Limited

MCOX

10/26/2010

$11.00

$17.26

$3.40

-80%

SouFun Holdings Limited

SFUN

9/17/2010

$42.50

$73.50

$22.67

-69%

SemiLEDs

LEDS

12/9/2010

$17.00

$25.76

$8.70

-66%

China Xiniya Fashion

XNY

11/23/2010

$11.00

$9.95

$4.04

-59%

-63%

Lizhan Environmental

LZEN

11/19/2010

$4.00

$4.01

$1.66

-59%

ChinaCache International

CCIH

10/1/2010

$13.90

$27.15

$11.81

-57%

Global Education & Tech

GEDU

10/8/2010

$10.50

$12.20

$5.35

-56%

Country Style Cooking

CCSC

9/28/2010

$16.50

$24.30

$10.92

-55%

Bitauto Holdings Limited

BITA

11/17/2010

$12.00

$12.45

$7.41

-40%

NetQin Mobile

NQ

5/5/2011

$11.50

$9.30

$5.65

-39%

-51%

NeoPhotonics

NPTN

2/2/2011

$11.00

$13.25

$9.11

-31%

Ambow Education Holding

AMBO

8/5/2010

$10.00

$9.25

$6.45

-30%

-36%

21Vianet Group

VNET

4/21/2011

$15.00

$18.80

$13.28

-29%

Le Gaga Holdings Limited

GAGA

10/29/2010

$9.50

$11.26

$8.00

-29%

Xueda Education Group

XUE

11/2/2010

$9.50

$12.50

$8.95

-28%

Lentuo International

LAS

12/10/2010

$8.00

$8.32

$5.99

-28%

Renren

RENN

5/4/2011

$14.00

$18.01

$13.00

-28%

Trunkbow International

TBOW

2/3/2011

$5.00

$4.74

$3.64

-23%

Bona Film Group Limited

BONA

12/9/2010

$8.50

$6.60

$5.15

-22%

-39%

Zuoan Fashion Limited

ZA

2/15/2011

$7.00

$7.04

$5.58

-21%

BCD Semiconductor Manu

BCDS

1/28/2011

$10.50

$10.50

$8.71

-17%

SYSWIN

SYSW

11/24/2010

$7.00

$6.20

$5.49

-11%

-22%

China Century Dragon

CDM

2/8/2011

$5.25

$5.30

$4.80

-9%

23 China IPO disasters

Average

-39%

Source: 23 China IPO Disasters