Chinese take to streets over share sale

SHENZHEN (Agencies) - Thousands of angry investors took to the streets of this southern Chinese city yesterday, setting fire to a police car in protest against alleged corruption in the sale of share application forms, witnesses said.

Between 50,000 and 60,000 demonstrators, some holding placards saying 'Down with Corruption', were involved in the protest, the witnesses said. Unconfirmed reports said police fired shots into the air and used tear gas to try and control the crowd outside the main government buildings.

The disturbance followed weekend chaos when an estimated 1 million people tried to cash in on the booming southern stock market through the sale of share application forms in the city, which borders Hong Kong.

Policemen flailed the crowd with bamboo canes, leather belts and electric cattle prods in a desperate attempt to control the mayhem. Local police said on Sunday that one person had died in the crush as investors from all over the nation battled to get hold of the forms, which allow applicants to enter a lottery for shares.

Only one in 10 forms will be selected by stock market officials, giving the lucky holders the chance to buy stock later this year.

Investors had milled around some of the sales offices throughout yesterday, refusing to believe that all 5 million forms had been sold by Sunday night in what was supposed to be a two-day sale.

A craze for share trading has swept China in recent months despite official warnings against the dangers of blindly investing in the belief that prices only go up.

Yesterday China played down the weekend chaos. It was ignored by national media, while the Shenzhen Special Zone Daily reported: 'Due to co-operation by all sides, the sales were carried out fairly, safely and efficiently, and no serious injuries or deaths were reported.'

PEKING - Police have scuttled a Chinese peasant's attempt to run a hi-tech floating casino that used cellular telephones to contact gambling customers, according to an official newspaper, AFP reports.

The peasant, Huang Jiahua, converted a sand-barge into the gambling boat in mid-July, installing a 142 sq ft air-conditioned casino and steered the vessel up and down the Fenjiang River in southern China's Guangdong province.

View from City Road, page 19

Start your day with The Independent, sign up for daily news emails
Sport
England's women celebrate after their 3rd place play-off win against Germany
Women's World CupFara Williams converts penalty to secure victory and bronze medals
Arts and Entertainment
Ricardo by Edward Sutcliffe, 2014
artPortraits of LA cricketers from notorious suburb go on display
News
newsHillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Sales Administrator - Spanish Speaking

£17000 - £21000 per annum: Recruitment Genius: This is a fantastic opportunity...

Recruitment Genius: Sales Administrator - German Speaking

£17000 - £23000 per annum: Recruitment Genius: This is a fantastic opportunity...

Recruitment Genius: Sales Administrator - Japanese Speaking

£17000 - £23000 per annum: Recruitment Genius: If you are fluent in Japanese a...

Recruitment Genius: Graphic Designer - Immediate Start

£16000 - £25000 per annum: Recruitment Genius: This is a fantastic opportunity...

Day In a Page

The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'