THE Kunming branch of Yunnan Securities Co - the only specialised brokerage in Yunnan province - lures masses of stock zombies every day. Far from enthusiastic and cheerful, the faces of investors in China's beautiful Spring City are tense - registering dismay and resignation as they stare, transfixed, at the digital price-boards at the brokerage's dealing branch in Kunming. Suddenly, the mood of bleak resignation erupts into a burning rage as stock investors start pouring out their woes. ''The government is robbing money from stock investors,'' said a disgruntled man, jumping at the chance to express his indignation. In Kunming they have plenty of issues they feel angry about. It was there that about 1,000 people staged a protest for two days against alleged abuses in the sale of newly listed stocks in December. Many mainlanders - including Kunming's estimated 20,000 market players - seem to fret over the country's fledging securities markets. ''We stock investors are very discontented,'' said the furious man. Another added eagerly: ''The government has issued so many state bonds and [run the lottery of] so many shares. It has taken a lot of money from us. ''Every lottery subscription coupon for new shares costs two yuan. But the chance of winning a ballot is very low. ''It is an unfair game here. It is not like the situation in Hong Kong,'' said another investor. At this, another investor put a newspaper over his month and whispered: ''Shh. She's from Hong Kong.'' ''That's even better. We want other people to know,'' said the angry man, whose outspoken passion attracting a crowd. In China, proceeds from lottery subscription coupons go to the government of the city where the shares are issued. Every coupon entitles the holder to subscribe for 500 shares. But the chance of winning a ballot is low and the actual cost of the shares are much higher than the issue price. Only three enterprises in Kunming, including the Hong Kong-listed Kunming Machine Tool Co, have issued A-shares to the public. Of them, Kunming Department Store is believed to have given the lowest chance for winning a ballot - about five in 10,000 - as the issue attracted a huge number of prospective investors, including many from outside Yunnan province. Although its issue price is below four yuan (about HK$3.54), the effective price is about 11.71 yuan a share. Shares of Yunnan Baiyao Factory were issued at 3.38 yuan, with a success rate of 12.89 in 10,000. The effective price is 6.48 yuan. The full cost of buying Kunming Machine Tool was 7.68 yuan per A-share, after taking the price of the coupon and success rate. ''When they bought the subscription coupons, they didn't know the chance of success would be so low. So when an issue turns out popular, they are upset about the low chance of winning,'' said a Kunming market-watcher. The lack of understanding of likely success rate before buying coupons was an issue addressed in the new share-issue procedures introduced after the Shenzhen riot in August 1992, when a limited supply of coupons were among the reasons for the commotion. However, the provision of unlimited coupons has its own shortcomings, and some parts of the country have been testing other schemes in an attempt to put the situation right. That underlines the problems inevitable in any fledging stock market on its path to sophistication. Sources said the low success rate of getting a ballot was the last straw for the protest of would-be investors in Kunming last December. Newspapers reported sit-ins outside the Kunming city hall, the Yunnan provincial offices and the Yunnan Securities Co. The protesters were reported to be demanding that the distribution of share entitlement certificates in two Kunming companies be stopped. Some alleged commissions were given in some cases to encourage trading of the coupons. Others said the coupon sale was supposed to be restricted to Kunming, but coupons also were offered in Shenzhen and Shanghai. And the investors have other grievances, not the least of which is the differences in issue price between A and H shares. Said one investor: ''Take Kunming Machine Tool, for instance. It was offered at 4.43 yuan (about $3.92) in Kunming, but HK$1.98 in Hong Kong. Don't they just rob our money?'' The flow of complaints went on and on, with someone protesting about almost any securities-related issue springing to mind. Part of the widespread dissatisfaction could be attributed to the ignorance of risks in stock investment - a problem especially pronounced in a city like Kunming it was only last year that investors got access to trade in stocks on the Shanghai and Shenzhen markets. ''You can never make money out of this stock market. Once you have invested, you can never get out,'' said an angry stockholder at Yunnan Securities. ''No doubt you can choose whether or not to buy shares. But for those who have invested, the prices have gone so low they wouldn't like to sell them to make an instant loss. So the money is locked in.'' He went on to regret that the country's growing economy did not fuel a rising market. ''I haven't bought any stocks because the market has been in the doldrums for ages. I dare not buy now. I've come here just to keep up with the trend,'' said another of the crowd. Kunming is by no means the only place where people are irritated by the securities markets. ''That is not a market for the average people. Big investors dominate the trading. With their money they can make many transactions a day to dictate the market movement,'' said a Shanghai citizen. ''And securities companies leak information to staff who can capitalise on that to make gains,'' he added. Some mainlanders are more wary when investing in China stocks. ''I've put only a little money into it. I invest in stocks because I want to get a taste of what it's like. I honestly don't know the markets very well, and want to understand its operation as time goes on,'' said a Kunming investor. ''I've made a small profit since investing in stocks last July. I come here every day at lunch time to see how the markets perform, especially at this time of great fluctuation,'' he said. About one-third of the clients at Yunnan Securities Co made profits, according to the brokerage. THE Kunming branch of Yunnan Securities Co - the only specialised brokerage in Yunnan province - lures masses of stock zombies every day. Far from enthusiastic and cheerful, the faces of investors in China's beautiful 'Spring City' are tense - registering dismay and resignation as they stare, transfixed, at the digital price boards at the brokerage's dealing branch in Kunming. Suddenly, the mood of bleak resignation erupts into a burning rage as stock investors start pouring out their woes. ''The government is robbing money from stock investors,'' said a disgruntled man, jumping at the chance to express his indignation. In Kunming they have plenty of issues they feel angry about. It was here that about 1,000 people staged a protest for two days against alleged abuses in the sale of newly listed stocks in December. Many mainlanders - including Kunming's about 20,000 market players - seem to fret over the country's fledging securities markets. ''We stock investors are very discontented!'' said the furious man. Another was eager to chip in: ''The government has issued so many state bonds and [run the lottery of] so many shares. It has taken a lot of money from us. ''Every lottery subscription coupon for new shares costs two yuan. But the chance of winning a ballot is very low. ''It is an unfair game here. It is not like the situation in Hong Kong,'' said another investor. At this, another investor put a newspaper over his month and whispered: ''Shush! She's from Hong Kong.'' ''That's even better. We want other people to know,'' said the angry man, whose outspoken passion attracting a crowd. In China, proceeds from lottery subscription coupons go to the government of the city where the shares are issued. Every coupon entitles the holder to subscribe for 500 shares. But as the chance of winning a ballot is low and the actual cost of the shares are much higher than the issue price. Only three enterprises in Kunming, including the Hong Kong-listed Kunming Machine Tool Co, have issued A shares to the public. Of them, Kunming Department Store is believed to have given the lowest chance for winning a ballot - about five in 10,000 - as the issue attracted a huge number of would-be investors, including many from outside Yunnan province. Although its issue price is below four yuan, the effective price is about 11.71 yuan a share. Shares of Yunnan Baiyao Factory were issued at 3.38 yuan, with a success rate of 12.89 in 10,000. The effective price is 6.48 yuan. The full cost of buying Kunming Machine Tool was 7.68 yuan per A share, after taking the price of the coupon and success rate. ''When they bought the subscription coupons, they didn't know the chance of success would be so low. So when an issue turns out popular, they are upset about the low chance of winning,'' said a Kunming market watcher. The lack understanding of likely success rate before buying coupons was an issue addressed in the new share-issue procedures introduced after the Shenzhen riot in August 1992, when a limited supply of coupons were among the reasons for the commotion. However, the provision of unlimited coupons has its own shortcomings, and some parts of the country have been testing other schemes in an attempt to put the situation right. That underlines the problems inevitable in any fledging stock market on its path to sophistication. Sources said the low success rate of getting a ballot was the last straw for the protest of would-be investors in Kunming last December. Newspapers reported sit-ins outside the Kunming city hall, the Yunnan provincial offices and the Yunnan Securities Co. The protesters were reported to be demanding that the distribution of share entitlement certificates in two Kunming companies be stopped. Some alleged commissions were given in some cases to encourage trading of the coupons. Others said the coupon sale was supposed to be restricted to Kunming, but coupons also were offered in Shenzhen and Shanghai. And the investors have other grievances, not the least of which is the differences in issue price between A and H shares. Said one investor: ''Take Kunming Machine Tool, for instance. It was offered at 4.43 yuan (about $3.92) in Kunming, but HK$1.98 in Hong Kong. Don't they just rob our money?'' The flow of complaints went on and on, with someone protesting about almost any securities-related issue springing to mind. Part of the widespread dissatisfaction could be attributed to the ignorance of risks in stock investment - a problem especially pronounced in a city like Kunming it was only last year that investors got access to trade in stocks on the Shanghai and Shenzhen markets. ''You can never make money out of this stock market. Once you have invested, you can never get out,'' said an angry stockholder at Yunnan Securities. ''No doubt you can choose whether or not to buy shares. But for those who have invested, the prices have gone so low they wouldn't like to sell them to make an instant loss. So the money is locked in.'' He went on to regret that the country's growing economy did not fuel a rising market. ''I haven't bought any stocks because the market has been in the doldrums for ages. I dare not buy now. I've come here just to keep up with the trend,'' said another of the crowd. Kunming is by no means the only place where people are irritated by the securities markets. ''That is not a market for the average people. Big investors dominate the trading. With their money they can make many transactions a day to dictate the market movement,'' said a Shanghai citizen. ''And securities companies leak information to staff who can capitalise on that to make gains,'' he added. Some mainlanders are more wary when investing in China stocks. ''I've put only a little money into it. I invest in stocks because I want to get a taste of what it's like. I honestly don't know the markets very well, and want to understand its operation as time goes on,'' said a Kunming investor. ''I've made a small profit since investing in stocks last July. I come here every day at lunch time to see how the markets perform, especially at this time of great fluctuation,'' he said. About one-third of the clients at Yunnan Securities Co made profits, according to the brokerage.