英文： China suspends sale of state shares
The government is giving up plans to sell off state shares in listed companies via the stockmarkets, whose proceeds had been destined to fund the social security system, the China Daily and other state media reported.
The China Daily said that the State Council formally cancelled a provisional regulation requiring that listed companies sell state shares via IPOs and additional share offerings.
The requirement, however, still applies to Chinese firms seeking an overseas listing, it said.
"The sale of state-held shares is an important reform move that is moving in the right direction," the newspaper said, citing an official Xinhua news agency quote from a joint spokesperson for the finance ministry and the China Securities Regulatory Commission.
"(However), it is hard to formulate an appropriate plan that is systematic and widely accepted by the market in a short time," the spokesperson said.
The issue of state share sales has been a constant cause of concern in the markets, pressuring prices on the prospect that the government would seek to raise as much money as possible for the underfunding social security system.
Analysts quoted by the China Daily said the latest news, which follows several previous halts and modifications to the plans, is likely to boost the markets which have been weakening steadily this year. their weighted average return on net assets for the previous three accounting years is no less than 10 pct, and if their weighted average return on net assets in previous accounting year is no less than 10 pct.
When calculating its return on net assets, the company must use whichever figures are lower -- the weighted average return on net assets or the weighted average return after exclusion of extraordinary items.
The company may only launch an additional offer if its gearing is above the average level for all listed companies in the same industry.
The company must also show that it has achieved 70 pct completion of previous investment projects funded via previous share issues.
If a company intends to launch an additional offer in which the quantity of offered shares exceeds 20 pct of the company's existing issued shares, the firm must have the approval of more than 50 pct of the holders of its listed shares.
The company must also show that there have been no problems with its management structure over the past year and must show that its accounting policy has been consistent and it does not have large debts.
It must also show that it has not deviated by a large degree from investment plans outlined in previous share offer prospectuses.
If a company company's earnings drop by 50 pct or more after an additional offer, the offer's main underwriter will have its underwriting business curtailed or suspended.
If a company already has approval to launch an additional offer, but does not qualify to launch an offer under the new rules, the firm may switch to launching a rights issue as long as it meets the relevant requirements.
中文：國務院決定停止國有股減持
財政部及中國證監(jiān)會昨天宣布, 國務院已決定, 停止在國內(nèi)證券 市場執(zhí)行國有股減持方案。
根據(jù)有關的決定, *將停止執(zhí)行《減持國有股籌集社會保障資金管理暫行辦法》中關于 利用證券市場減持國有股的規(guī)定, 并不再推出具體的實施辦法。 但企業(yè)海外發(fā)行上市, 仍須繼續(xù)執(zhí)行有關的規(guī)定, 按融資額的10%減持國有股。
市場人士認為, 國有股減持長期以來一直是困擾國內(nèi)股市的一重大因素, 而近期股市持續(xù) 疲弱不振, *近期相繼推出利好托市政策后, 市場仍低迷不振;
市場人士又認為, 停施國有股減持, 料對低迷的國內(nèi)股市將起刺激作用, 事實上, 滬市 A股上周五已偷步上揚3%; 而長期而言, 亦可望利好本港上市的中資股。 財政部和證監(jiān)會發(fā)言人指出, 國有股減持是一項重要的改革舉措, 方向是正確的, 符合國 有經(jīng)濟結構調整的基本原則, 有利于進一步完善現(xiàn)代企業(yè)制度, 促進社會保障體系的建立 。 但國有股減持是一項探索性工作, 是一個復雜的系統(tǒng)工程, 在相當長的時間內(nèi), 難以 制定出系統(tǒng)性的、市場廣泛接受的國有股減持的實施方案。
The government is giving up plans to sell off state shares in listed companies via the stockmarkets, whose proceeds had been destined to fund the social security system, the China Daily and other state media reported.
The China Daily said that the State Council formally cancelled a provisional regulation requiring that listed companies sell state shares via IPOs and additional share offerings.
The requirement, however, still applies to Chinese firms seeking an overseas listing, it said.
"The sale of state-held shares is an important reform move that is moving in the right direction," the newspaper said, citing an official Xinhua news agency quote from a joint spokesperson for the finance ministry and the China Securities Regulatory Commission.
"(However), it is hard to formulate an appropriate plan that is systematic and widely accepted by the market in a short time," the spokesperson said.
The issue of state share sales has been a constant cause of concern in the markets, pressuring prices on the prospect that the government would seek to raise as much money as possible for the underfunding social security system.
Analysts quoted by the China Daily said the latest news, which follows several previous halts and modifications to the plans, is likely to boost the markets which have been weakening steadily this year. their weighted average return on net assets for the previous three accounting years is no less than 10 pct, and if their weighted average return on net assets in previous accounting year is no less than 10 pct.
When calculating its return on net assets, the company must use whichever figures are lower -- the weighted average return on net assets or the weighted average return after exclusion of extraordinary items.
The company may only launch an additional offer if its gearing is above the average level for all listed companies in the same industry.
The company must also show that it has achieved 70 pct completion of previous investment projects funded via previous share issues.
If a company intends to launch an additional offer in which the quantity of offered shares exceeds 20 pct of the company's existing issued shares, the firm must have the approval of more than 50 pct of the holders of its listed shares.
The company must also show that there have been no problems with its management structure over the past year and must show that its accounting policy has been consistent and it does not have large debts.
It must also show that it has not deviated by a large degree from investment plans outlined in previous share offer prospectuses.
If a company company's earnings drop by 50 pct or more after an additional offer, the offer's main underwriter will have its underwriting business curtailed or suspended.
If a company already has approval to launch an additional offer, but does not qualify to launch an offer under the new rules, the firm may switch to launching a rights issue as long as it meets the relevant requirements.
中文：國務院決定停止國有股減持
財政部及中國證監(jiān)會昨天宣布, 國務院已決定, 停止在國內(nèi)證券 市場執(zhí)行國有股減持方案。
根據(jù)有關的決定, *將停止執(zhí)行《減持國有股籌集社會保障資金管理暫行辦法》中關于 利用證券市場減持國有股的規(guī)定, 并不再推出具體的實施辦法。 但企業(yè)海外發(fā)行上市, 仍須繼續(xù)執(zhí)行有關的規(guī)定, 按融資額的10%減持國有股。
市場人士認為, 國有股減持長期以來一直是困擾國內(nèi)股市的一重大因素, 而近期股市持續(xù) 疲弱不振, *近期相繼推出利好托市政策后, 市場仍低迷不振;
市場人士又認為, 停施國有股減持, 料對低迷的國內(nèi)股市將起刺激作用, 事實上, 滬市 A股上周五已偷步上揚3%; 而長期而言, 亦可望利好本港上市的中資股。 財政部和證監(jiān)會發(fā)言人指出, 國有股減持是一項重要的改革舉措, 方向是正確的, 符合國 有經(jīng)濟結構調整的基本原則, 有利于進一步完善現(xiàn)代企業(yè)制度, 促進社會保障體系的建立 。 但國有股減持是一項探索性工作, 是一個復雜的系統(tǒng)工程, 在相當長的時間內(nèi), 難以 制定出系統(tǒng)性的、市場廣泛接受的國有股減持的實施方案。