Don’t follow the bear

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The IPO market in China has been variously described as dormant, slow or just plain dull. With respect to one IPO that got shelved last month, you might say hibernation was a more appropriate term.

Fujian Guizhentang Pharmaceutical pulled its planned IPO after a public outcry over its seemingly utterly disgusting business of bear-bile extraction.

If there is a prize for clearest demonstration of bear-market sentiment, this one wins by a country bile.