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In 2012, transactions on the board decreased 22.8 percent from 2011, and the average funding per firm came in at only 33.8 million yuan (about 5.4 million U.S. dollars), far from enough to feed China's hungry SMEs.

Zhou Yongzhang, deputy director of the Department of Earth Sciences at Sun Yat-sen University, said the used batteries could severely contaminate vegetables with lead and mercury.

But companies are still eager to issue IPOs. Nearly 900 companies were waiting to get IPO approval as of February, according to CSRC figures.

The circular also called on population and family planning authorities to better perform their duties and to take a people-oriented approach in providing services to the public.

"We still facing an arduous mission to develop, particularly for an underdeveloped region like Guizhou," said Long Changchun, chief of the province's Qianxinan prefecture.