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China Lets Listed Companies Resume Selling Shares

2006-05-09 09:37:04

 

　　China is letting its listed companies resume selling shares and convertible bonds as they seek capital to expand.
　　

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　　The rules, announced Sunday by the China Securities Regulatory Commission on its Web site, are effective today.
　　
　　Companies already listed on the Shanghai and Shenzhen bourses can apply to sell shares, convertible bonds and other products approved by the regulator.
　　
　　The clearance will help Chinese companies get extra funds to grow in an economy that expanded by 10.2 percent in the first quarter. China halted share sales last May to avoid a flood of equity as the nation pursued plans to make more than $200 billion of mostly state-owned stock tradable. China’s securities regulator said last month the ban would end soon, after the program was implemented without causing a market slump.
　　
　　Companies that have distributed at least 20 percent of profit in dividends in the past three years will be allowed to sell shares and bonds, said a statement on the commission’s Web site. Share sales shouldn’t be bigger than 30 percent of a company’s capital before the sale, the statement said. Companies seeking to sell convertible bonds should cap their total debt after the issue at less than 40 percent of their net assets at the end of the past financial year, it said.
　　
　　(Photo: Google)
　　
　　

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