Celebrities join campaign to ban bear bile IPO
Updated: 2012-02-15 13:57
More than 70 celebrities have joined a growing campaign to stop one of China's largest producers of bear-bile from floating on the local stock market, cfi.cn reported Wednesday.
Fujian-based Gui Zhen Tang, a pharmaceuticals company which draws bile from living bears for medicine, was planning to launch an initial public offering (IPO) on the financial markets.
But the move has created a storm of controversy online and now a joint letter, initiated by the Beijing Loving Animals Foundation, was submitted to China Securities Regulatory Commission on Tuesday claiming the listing would violate regulations and government policy.
The foundation will launch a second protest letter garnering more signatures from celebrities, hoping to prevent Gui Zhen Tang from being listed on the stock market and to call on lawmakers to legislate against businesses engaged in drawing gall for living bears.
Celebrities who signed the letter come from various fields, including the Chinese snooker player Ding Junhui, the famous TV anchors Cui Yongyuan, Li Jing, and Zhao Zhongxiang, and Hong Huang, author, television talk-show host and magazine publisher with four million micro blog followers.