ipos this year in shanghai and shenzhen happen moneymakers. we know this is that. almost 50 companies went public. you look at ipos in the chinese mainland. they vastly outperform elsewhere. >> it is important to note that this chinese regulators at play here, not necessarily market. >> you're looking at the average return, reflects good performance of the market and sell. there are a lot of new rules. they have come in to protect smaller investors. beenof the new rules have with pricing. you want to avoid all the funny stuff that goes on. a lot of funny stuff. if you want to price your ipo above average coming up to disclose risks early on. among the 48 firms, only 40 priced their ipo above the industry average. this could have been raised for much more money. have dropped out of the process for exactly that reason. the pharmaceutical is here in january. it has worked out well. not bad. the markets have really underperformed. >> this is a really good trend for you. >> this is based out of northeast china. the second biggest ipo in hong kong, 992 million u.s. dolla