BEIJING, Jan. 13 -- Following another disappointing 2013 and a poor opening week in the new year, caution has become order of the day for investors and regulators of the Chinese stock market.

The China Securities Regulatory Commission (CSRC) on Sunday announced new measures to tighten the supervision of the Initial Public Offering (IPO), two days after a drug maker shelved its share sale plan, saying "the proposed issuance was too big."

Jiangsu Aosaikang Pharmaceutical Co., Ltd. said in an exchange filing last Friday that it would postpone its listing due to its relatively large fund-raising and equity transfer scale.

The maker of anti-cancer agents had planned to debut on the ChiNext board by selling 55.46 million shares priced at 72.99 yuan (11.97 U.S. dollar) each, which could raise a capital of 790 million yuan from the IPO. The price-to-earning (PE) ratio is 67 times its 2012 net profit, setting a new record of PE ratio since the restart of China's IPO at the end of 2013.

Through transferring 43.6 million shares, the controlling stakeholders of the company are expected to pocket 3.18 billion yuan, which is much higher than the company's IPO fund-raising scale, a move that has been widely considered as profit-taking and caused discontent among investors.