After an IPO Rush, a Factory Town's Hangover

A shop manufacturing plant of a Jinjiang-based sportware company

(Beijing) -- It seemed the right thing to do in 2001 when officials in the factory city of Jinjiang opened a special office that actively encouraged local companies to list on stock markets.

Jinjiang, population 2 million, is an important manufacturing base on the Fujian Province coast. Its economy relies on a diverse mix of garment and shoe factories, including several profitable makers of sportswear.