For lots of good reasons, 2014 was supposed to be a breakout year for China life science IPOs. As 2014 began, China was all set to resume IPOs after a 15-month moratorium, with a new regulatory system and significant pent-up demand. But, for the most part, the renaissance didn't happen. There was one very successful China pharma IPO in Hong Kong -- Luye Pharma staged a $764 million initial offering in July -- and iKang Healthcare came public in the US while Taicheng Pharma managed to wend its way through the China bureaucracy to list in Shenzhen. But that's a short list. What went wrong?
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