It’s a dog

This week marks the start of China’s Year of the Pig - the alleged harbinger of fertility and virility. That may provide some with yet another reason to plunge into China’s booming stock market. Yet their prospects look inauspicious: valuations are high, profits are vulnerable and Beijing seems intent on pricking the bubble. Last year, the Shanghai stock market soared by 130%. Despite rumbling from the authorities, it’s up 30% more since early January. Speculators are hungry for new issues, reg...