在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

  Home>News Center>China
       
 

Four listed firms pioneer state share reform
(Agencies)
Updated: 2005-05-09 08:54

Four Chinese firms will become China's first to begin selling untraded government-owned stock in a revived program to unload $300 billion worth of state shares that have pressured markets for years.

Beijing wants to sell those shares -- a legacy of a centrally planned economy that secures control by the state -- to help fund its social welfare system and enhance transparency in its Shanghai and Shenzhen stock markets, Asia's fourth-largest.

The pioneering four -- including machinery maker Sany Heavy Industries Co. Ltd. and computer services provider Tsinghua Tongfang Co. Ltd. -- said their publicly traded stock would be suspended from Monday.

The other two are packaging materials firm Shanghai Zi Jiang Enterprise Group Co. Ltd. and coal producer Hebei Jinniu Energy Resources Co. Ltd.

Their shares would resume trade if their selldown programs are passed or rejected by shareholders.

Stocks plunged 30 percent the last time China’s regulators tried it in 2001, as investors worried the massive sale of the stock -- comprising some two-thirds of total market capitalisation -- would flood bourses.

"Our company has won approval from the China Securities Regulatory Commission to pioneer state share reforms," Sany said in a statement published in the Shanghai Securities News.

Most Chinese companies have listed only a sliver of their total shares, with their state-owned parents and government-linked institutions owning majorities.

The four represent an eclectic mix of industry, from Tongfang -- an arm of the country's third-largest homegrown personal computer maker -- to private firms such as Zi Jiang.

All are mid-sized listed firms with between 52 and 75 percent of their stock being non-tradable state shares.

Jumpstarting Shanghai and Shenzhen Bourses

Analysts have warned the program, which on the surface appeared more acceptable to private investors because it would give them a bigger say in the process, could hurt markets in the short run because it heralded a wave of new shares.

China unveiled its latest state share reform ahead of a week-long Labour Day market break ended Sunday, jumpstarting the program after a four-year hiatus with policies that gave shareholders a say in how and when listed firms unload stock.

It also proposed steps to prevent bourses from crashing. The guidelines allow listed firms to proceed with stock sales only if two-thirds of non-state shareholders agree, and impose limits on the amount of shares in a listed firm that can be sold over one to two years, regulators said.

State shareholders must agree to list no more than 5 percent of a company's non-tradable shares in a 12-month period, and no more than 10 percent in 24 months.
Regulators are especially cautious about re-starting the controversial program with markets having already shed 8.5 percent this year -- extending a 15 percent dive in 2004 that made it the world's worst-performing major index.



 
  Today's Top News     Top China News
 

SOE top jobs go up for grab globally

 

   
 

Path of future cross-Strait relations laid down

 

   
 

EU seeks to end textile tension

 

   
 

Japan speaks highly of Hu's proposal on ties

 

   
 

Mum's the word for Chinese in new trend

 

   
 

President praises Soviet veterans

 

   
  EU seeks to end textile tension
   
  President praises Soviet veterans
   
  SOE top jobs go up for grabs globally
   
  Path of future cross-Strait relations laid down
   
  Urgent need for waste water treatment
   
  Japan speaks highly of Hu's proposal on ties
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 欧美成人综合 | 精品婷婷 | 69av在线播放 | 福利av在线 | 中文字幕日韩视频 | 免费一级片 | 精品黄色片| 亚洲一区二区三区在线播放 | 亚洲精品1区 | 天天草天天| 亚洲午夜视频在线观看 | 91成人精品 | 婷婷中文网 | 欧美成人a | 亚洲最新网址 | 草草网 | 午夜在线国语中文字幕视频 | 国产精品尤物 | 久久黄色大片 | 国产成人精品av在线观 | 欧美久久久久久久久 | 欧美精品999 | 成年人观看视频 | 国产区视频在线观看 | 日本午夜网站 | 午夜精品久久久久久久99 | 亚洲va国产va天堂va久久 | 成人免费在线视频 | 色黄大色黄女片免费中国 | 久久精品av| 欧美日韩高清 | 高清一级片 | 91女人18毛片水多国产 | 欧美日韩一区二区三区视频 | 五月婷在线 | 福利一区福利二区 | 97人人艹 | 激情综合网五月 | 中文字幕亚洲综合 | 欧美一区二区三区成人 | 欧美日本|