Buddhist activists have succeeded in halting the initial public offering of a Chinese holy mountain in a rare victory for religion over business in the country.
Putuoshan Tourism Development has withdrawn its IPO application from the China Securities Regulatory Commission, according to a notice from the regulator, following a campaign waged over several months by monks who sought to frame the offering as a “marketing of faith” in violation of new rules protecting religion.
The explosion of China’s middle class in recent years has fed a boom in tourism, with hotels, airlines, tour operators and luxury brands all hoping to catch a bit of the business.
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