China auctioned 1,000 of the 2,008 "Fou" drums which were used in the opening ceremony of Beijing Olympic Games with bidding prices amounting to 52.45 million yuan (about 7.5 million U.S. dollars) on Sunday.

The auction created records in the history of China's equity exchange market, according to China Beijing Equity Exchange (CBEX) which held the auction. It was the one with the longest duration, the largest number of bidders and bidding rounds.

Altogether 439 units and individuals participated in the bid which lasted for 8 hours.

"Fou" drum is an ancient Chinese percussion instrument derived from potteries and bronze ware.

Liang Yu, executive vice president of CBEX, said CBEX had received thousands of telephone inquiries on the "Fou" drums used at the Olympic Games over the past six months.

Su Chunli, a bidder from eastern Jiangsu Province, said she won the auction for 10 "Fou" drums by bidding 530,000 yuan and would donate two of them to a primary school in Nanjing, capital of the province, because they represented both Chinese traditional culture and Olympic spirits.

Liang said besides the onsite package auction, 90 specially numbered "Fou" drums would be auctioned through online bidding on March 13.

The CBEX would also hold special auctions for another 410 "Fou" drums used in the opening ceremony of Beijing Olympic Games, he said.

(Xinhua News Agency March 9, 2009)