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Netizens cry for IPO suspension


09:29, July 20, 2012

BEIJING, July 19 (Xinhua) -- The badly performing stock market is driving Chinese investors to vent their frustration and anger online, calling for a suspension in the initial public offerings (IPOs), which they believed is behind the lackluster performance.

A widely-circulated article, first posted on the popular Chinese website, called for netizens to sign an e-petition for the suspension of IPOs.

Urging the security watchdog to stop companies using IPOs to maliciously seize money from the market, the author "Chanlunxiaozhang" wrote, "endless IPOs have severely hurt the interests of Chinese investors, and the country's stock market is on the brink of a collapse."

As of 3 p.m. Thursday, the post had attracted nearly 200,000 readers and more than 10,000 of them had signed the petition.

"Why should investors suffer the losses, which should have been suffered by listed companies because of their regulation violation, poor management or even fraud ?" posted "zg201212" on the forum. "Cherish your lives, away from Chinese stocks," another user "Ahuatian205" joked.

The topic was also simmering on China's twitter-like microblog website "IPO suspension will be the best solution to boost the stock market", "Gaoshandahai" wrote, saying the Chinese stock market was like a bull drained of its blood.

China's stock market has been shaken this year over concerns of a deepening slowdown in the national economy amid the global downturn. The key Shanghai index has declined more than 10 percent from its peak in February.

The country's GDP expanded 7.6 percent in the second quarter of the year, down sharply from 9.5 percent a year earlier and half a point below the 8.1 percent rise for the first three months of this year.

An online survey by news portal showed 96.9 percent out of the 133,341 respondents believed that the poor performance of the stock market was partly due to continuous IPOs, while 91.8 percent think an IPO pause will help shore up the market.

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