Chemspec: pretend it didn’t happen

Chinese businesses’ taste for growth and American investors’ love of risk have caused both a lot of pain lately. Yet chemical company Chemspec received a warm welcome from US investors in its $73m initial public offering. The Chinese chemical company plans to use its portion of the proceeds to help finance a four-fold expansion in an industry with shrinking margins. The firm has a good story to tell. It is solidly profitable. Its niche of speciality chemicals is expanding in China. And even tho...