Commission of the State joint stock pilot 10 views

Large and medium-sized companies to share-trading reform

"On the equity division reform trial opinion" full-text

Agencies to pilot company stock trading compliance

The second batch of pilot list launched in mid-June

SFC SASAC jointly by doing a pilot 10 share-trading reform, large and medium-sized companies to view active equity division reform

● Large and medium-sized companies in particular the State-owned holding company for the share-trading reform will form a good demonstration effect, investor-friendly form stable reforms expected

○ All levels of State-owned assets supervision and administration to vigorously support and actively cooperate with experimental work share-trading reform

○ Pilot companies to take effective measures to enable the reform programme has a broad shareholder base, guarantee the full exercise of the rights of shareholders

○ Reasonable control reform rhythm, the implementation of pilot advance, step-by-step advance, adhere to the reforms, development of speed and degree of harmonization of the bear market

2008 institutional investor legal compliance and trading pilot company stock, participation in the reform of the pilot Corporation. By virtue of ownership advantages and other purveyors of manipulation of shareholders general meeting voting results, interference with other investors in the normal decision-making, SFC will industry regulators be severely punished

• Speed up the implementation of improving the quality of listed companies, eliminating the risk securities company, the expansion of compliance funds into the market channels, strengthen the capital markets, rule of faith-building, and other capital market-radical measures to form a comprehensive effects of the reform of the

Beijing China Securities Regulatory Commission, SASAC yesterday joint publication of the share-trading reform on the experimental work of opinion ". "Opinion" a total of 10, which require large and medium-sized companies in particular the State-owned holding company actively share-trading reform.

The opinion notes that large and medium-sized companies is an important pillar of the national economy, large and medium-sized companies in particular the State-owned holding company for the share-trading reform will form a good demonstration effect, investor-friendly form stable reforms expected. To take full advantage of the equity division reform further perfect modern enterprise system, the appreciation of the asset has a more open, equitable, fair value basis.

"Opinions" to all levels of State-owned assets supervision and Administration Department actively supports pilot work share-trading reform. To take into consideration the share-trading reform and local State-owned enterprise reform, State-owned economic order and the strategic restructuring of the reform of relations, in accordance with the General principles and procedures clearly state-owned shareholder participation in the reform of the management, support and actively cooperate with the share-trading reform experimental work.

"Opinions", the pilot companies to take effective measures to enable the reform programme has a broad shareholder base, guarantee the full exercise of the rights of shareholders. Sponsor institutions to play a coordinating role, to help balance public companies to consider the future development of the balance between the various classes of shareholders, scheme design to meet the company's actual, both legitimate and reasonable, consistent with the principles and spirit of the reform, and to make full use of various effective means and innovative methods, reducing the cost of the reform, maintaining market stability.

The opinion also proposed, to encourage reform of company mergers and restructuring, capital operation, etc. of innovative pilot to help companies leverage the capital market of Jiangxi, improve the quality of the company.

The opinion stresses that the pace of reform to reasonable control, the implementation of pilot advance, step-by-step advance, the reforms, development of speed and extent of the bear market. To establish an effective information disclosure and market regulatory mechanisms, to maintain the normal order of reform.

The opinions, institutional investors in to play an active role. To insurance companies and asset managers, fund companies, securities firms for representatives of institutional investors, stockholders from circulation in the overall and the long-term interests of the market, the effective implementation of the responsibilities. Legal compliance and trading pilot company stock, participation in the reform of the pilot Corporation. By virtue of ownership advantages and other purveyors of manipulation of shareholders general meeting voting results, interference with other investors in the normal decision-making, the Commission will, in conjunction with the relevant industry regulators be severely punished.

The opinion also calls, to create an environment conducive to the reform of the market environment, to speed up the implementation of improving the quality of listed companies, eliminating the risk securities company, the expansion of compliance funds into the market channels, strengthen the capital markets, rule of faith-building, and other capital market-radical measures to form a comprehensive reform of the effect, promoting equity division reform coordination.