Regulator bans major stakeholders from selling A-shares for six months

The China Securities Regulatory Commission has announced that it will “deal severely” with any stock investors with stakes larger than 5% who sold shares in the next six months in an attempt to prop up the mainland’s collapsing stock market, Reuters reported, citing a statement on the commission’s website. Meanwhile, major shareholders of top Chinese banks including ICBC (601398.SHA, 1398.HKG) and firms including Sinopec (0386.HKG, 600028.SS, SNP.NYSE) pledge to either maintain their holdings or increase their stakes in listed companies despite the Shanghai Composite Index closing down 5.9% on Wednesday.