Gui Zhen Tang, a Chinese pharmaceutical company known for its medicine made with bear bile, suspended the examination process for its initial public offering on Monday, the China Securities Regulatory Commission said.

The company, founded in 2000 and based in Fujian province, has been targeted by animal welfare activists for its alleged cruel treatment of bears.

Public outcry against the company's IPO application emerged in February 2012, when it appeared on a CSRC list of firms awaiting approval by the Growth Enterprise Board to trade on the Shenzhen Stock Exchange.

Animal rights activists believe that the public outcry is the reason behind the suspension of the IPO application.

The company has not openly talked about the issue.

Under CSRC rules, the suspension of the examination, however, does not equal a termination of the IPO, according to the State broadcaster China Central Television.