With dividends a rarity in mainland markets, speculation is the name of the game for many investors. And companies that refuse to pay dividends have earned an interesting nickname in China.

Analysts say that the Chinese mainland stock markets are rife with speculation.

Commentator Ye Tan said: "Under existing circumstances, listed companies believe it’s not necessary for them to pay dividends to buyers. By hyping concept stocks, stock prices are pushed very high."

Companies that don’t pay dividends yet enjoy high share prices, have earned a nickname in China - "iron roosters". Unlike roosters with plenty of feathers to pluck, theirs are iron-clad. They’re not willing to give up any. In other words, these companies are known as stingy.

One investor said: "China's stock market is like a big casino. People put their money in the market and try to get more returns by speculating, instead of looking at the basics. Market chaos is seen as a chance to speculate more."

China’s stock market has grown by leaps and bounds over the past decade. Yet analysts say it’s still evolving. They say that a company’s willingness to pay dividends will help their share prices in the long run because it sends a clear, positive message about future prospects and performance.