Firm drops IPO amid bile debate

Animal rights activists in China have pledged to continue their campaign against bear bile products after a manufacturer scrapped its initial public offering due to a public outcry over alleged animal cruelty.

Gui Zhen Tang, a pharmaceutical company in Fujian province, is among 269 companies that have pulled out of the examination process for IPOs this year, the China Securities Regulatory Commission said on Friday.

Founded in 2000, the company turned a profit by taking and processing bear bile for medical powders, capsules and other products. It owns the largest black bear breeding center in southern China.