Shares of "Roaring Yellow River" now trade at about 20 cents, down more than 90% from their peak.
WSJ: Forget Stocks��Chinese Turn Bullish On Booze and Caterpillar Fungus
The Yellow River, China's second longest, has dried up since the early 1970s.
The thinking is that by shipping water north, the strain of overuse on the Yellow River will be relieved.
The channels will not feed into the Yellow River, but will pass under the river in specially built underground channels.
And it is not only the water in the Yellow River, which flows through nine provinces, that is at risk from contamination.
In Ningxia, Gansu and Inner Mongolia, for example, they are drawing far more than their fair share of the Yellow River's water.
The Yellow River, one of the world's longest, supplies water to more than 150 million people and 15 percent of China's agricultural land.
"Roaring Yellow River, " a traditional landscape painting by the late artist Bai Gengyan, was the first work listed last year by the Tianjin Cultural Artwork Exchange.
WSJ: Forget Stocks��Chinese Turn Bullish On Booze and Caterpillar Fungus
All of the water problems of northern China seem to come into sharp focus here, 70 miles from the Yellow River, and even closer to the desert.
Lo and behold, an agent could be turning down my street at any moment, perhaps to go fishing on our Yellow River, and would discover my untapped talent.
About two months after the offering, the Tianjin city government suspended trading in "Roaring Yellow River" and another painting, and the exchange imposed limits on daily and monthly price changes.
WSJ: Forget Stocks��Chinese Turn Bullish On Booze and Caterpillar Fungus
The video shows a small river with a yellow hue, allegedly polluted from the discharge of two companies nearby, one of them a suspected Apple supplier.
We followed the Geyser River toward the vaulting spouts and red-yellow soils of the great Stained Glass geysers.
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