MoF introduces new bank stake sale rules

The Ministry of Finance has introduced new rules requiring that state-owned stakes of banks and financial institutions be sold at market prices, Reuters reported. The rules come as some have criticized the low prices at which foreign institutions bought into Chinese banks, giving them large profits after those banks listed. Under the new rules, stakes in financial institutions can only be sold through public trading, or at no less than the weighted average market price of the shares in private deals, while state-owned stakes in unlisted institutions can only be sold at prices based on "proper evaluations" of assets.