POLITICS AT PLAYThis raises the question of why CXMT is leaving billions of dollars on the table.In theory, a listing on the relatively new Star exchange means that its IPO price is not set by regulatory restrictions, which often end up undervaluing hot tech firms, but through a market-friendly book-building mechanism. Underwriters and company management agree on the final price after comprehensive inquiries with institutional investors.So what was lost in this process? A lot of politics are at play. Half of the offering was reserved for strategic investors, which included the central government’s various social security funds as well as state-owned insurance giants such...