China's securities regulator has approved 42 more companies to sell state-owned shares, accelerating its efforts to overhaul the stock market by reducing the government's shares that account for about two-thirds of the total market capitalization, state media reported. Among the companies to take part in the pilot sell-down program include Baoshan Iron & Steel Co, Citic Securities Co and Shanghai Port Container Co. In guidelines issued over the weekend, China said state holdings in centrally-controlled listed companies should be at a "minimum ratio" after the shares restructuring, but stressed that the sell-down would be gradual and that the state holdings wouldn't be floated in the market immediately, the Wall Street Journal reported, citing the State-owned Assets Supervision and Administration Commission.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved