30 listed Chinese firms say big shareholders to extend selling ban

Tue Jan 5, 2016 8:21pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

SHANGHAI (Reuters) - A total of 30 Chinese listed companies have said so far that their controlling shareholders or senior executives would not sell shares on the secondary market within the next six or 12 months to help stabilize China's stock market after Monday's 7 percent slump, the official Shanghai Securities News reported on Wednesday.

The market slump on Monday was partly triggered by fears that a six-month ban on share sales by listed companies' major shareholders, imposed during the height of a market rout last year, will expire on Jan. 8, unlocking an estimated 1.24 trillion yuan ($190.23 billion) worth of shares.

Most of the 30 companies which announced extensions of the share sale ban were privately-run firms, according to the newspaper.

They include Zhejiang Century Huatong Group Co Ltd 002602.SZ, Shandong Sun Paper Industry Co Ltd 002078.SZ, Zheijiang Sanhua Co Ltd 002050.SZ and Changshu Tianyin Electromechanical Co Ltd 300342.SZ. ($1 = 6.5184 yuan)

(Reporting by Samuel Shen and John Ruwitch; Editing by Eric Meijer)

 
An investor sits in front of an electronic board showing stock information at a brokerage house in Beijing, China, January 4, 2016.  REUTERS/Li Sanxian