Chemspec International Another Chinese company, Chemspec International ( CPC), ranks as the second-least successful deal by stock returns in 2009. The country's largest producer of fluorinated specialty chemicals -- used in the manufacture of thin film transistor liquid crystal displays, and other electronics products -- Chemspec priced its IPO of 8 million American Depository Shares at $9 each. Each ADS represents 60 ordinary shares of the company. Since it began trading on June 24, the stock has tumbled 33.8% and closed on Dec. 8 at $5.96. "Growing competition, soft end markets, material accounting weakness and obnoxious related-party transactions are just a few of the reasons we'd cite in urging prospective investors to steer clear of this offering," Morningstar wrote in a note prior to the offering. In 2008 Chemspec reported sales of $138 million. While the company has some lofty goals -- such as doubling its total nameplate capacity -- many experts think management is being too ambitious.