| China says to tighten supervision of share sales |
| Wednesday,July 23,2008 Posted: 15:02 BJT(0702 GMT) |
| From:cctv Article type:Reproduced |
China's securities watchdog says it will tighten its monitoring of sales of shares made tradable by the expiry of lock-up periods. Monday's move aims to ease market concerns over heavy supplies of fresh equity. The China Securities Regulatory Commission said data on such sales will be published regularly on the website of the government's securities clearing house. Tens of billions of dollars worth of shares will become freely tradable this year and next as companies' state shareholding structures undergo reforms. Fresh equity from these types of sales has helped push the stock market down sharply, with the Shanghai Composite Index dropping over 50 percent from last October's record peak. Effective in April, the commission required shareholders that plan to sell over 1 percent of a firm's outstanding shares freed up by a lock-up expiry to conduct the deal off-market. |
| (Source: English Site of Syrian Arab) |
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