If they do not want to take his word for it, the media can visit a bear farm to see for themselves, Fang said.

He did not clarify when a farm would open to the media, nor did he specify which farm would be opened.

"But it is not possible to completely open bear farms to the public because germs may pose potential risks to the bears kept for bile extraction if a large number of people pay a visit," Fang said.

In 2006, China had 68 registered bear farms where about 7,000 black bears were kept for bile extraction, statistics from the State Forestry Administration showed.

The number of bear farms increased to 98 by 2011, and it is estimated that about 20,000 black bears are kept for bile extraction, Animals Asia Foundation statistics showed.

Fang denied that the association has a "direct connection" to Guizhentang's IPO plan. But the company is listed as a member of the association, according to the association's website.