You know, in the grand scheme of things, I actually find this kinda funny:

Chinese regulators on Monday rejected proposals by Goldman Sachs to buy a substantial minority stake in Fuyao Glass Group, China’s largest automotive glass maker.

Goldman agreed to buy into the Shanghai-listed glass company last November when it was trading at about Rmb8 per share. Thanks to a market-wide bull run, this has more than tripled since then, closing at Rmb30.50 a share on Monday.

So in the long period of time it took for government approval, the local company's share price jumped from 8 to over 30 RMB. Ironically, in addition to the "normal" crazy price inflation going on right now with stocks in China, some of the increase was due to the rumors of Goldman's investment.

When the securities guys (CSRC) finally got around to reviewing the proposed investment, they saw that a foreign company was trying to pay shares worth 30 RMB at a price of 8. "No fair," they cried, and rejected the application in an exercise of protectionism. This is not the first time this has happened, and it won't be the last time.

Are we willing now to start calling the stock market here dysfunctional?