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SOE the propelling force in share reforms
www.chinanews.cn 2005-09-12 14:34:20
Chinanews, Sept. 12 - According to reports by China Securities Journal,
share distribution reforms have entered the positive and stable stage
with the initial batch of companies that have implemented shareholding
reforms showing up today in the Shanghai stock exchange. Twelve companies
including Shanghai Automotive Industry Corporation (Group) and China
Minsheng Banking Corp. got to go first and individually publish details
of their shareholding reforms that would become part of their corporate
governance.
From the case of the published pricing of this first batch of 12
shareholding reform companies, the main avenue remains the gifting of
stocks, with 9 out of 12 of the "reformist" companies choosing the gift
route, or up to 75% of the 12 companies. On average, these 9 companies
give 3.2 shares for each 10 shares held by the public, higher than the
previous level where 3 shares were gifted for every 10 shares. Individual
companies made commitments on the timing, proportion and bonus relating
to either maintaining or reducing shareholding value.
State owned enterprises (SOE) constitute the core group of the initial
batch of "reformist" companies. Of the 12 companies permitted by the
Shanghai authorities to change their shareholders, SOE have 9
representatives, or 75% of the total.
20 companies from the small and medium enterprises (SME) board and 8
companies from the big board of Shenzhen Stock Exchange announced today
the shareholding distribution procedures today, signifying that the
Shenzhen stock market has entered a positive and stable stage. Of the
aforementioned 28 companies, the 20 on the SME board as well as Shenzhen
Liaohe Tongda Chemical Co., Ltd. and Zhuhai Zhongfu Industrial Group Co.
have published their stock reform programs. The other 6 companies
announced that they would release their programs tomorrow.
��Share reform extended to whole market
��Share reform to end without third round
��China halves the tax on share dividends
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