China Bans major shareholders from selling their stakes for next six months
277 views · Published 9 July 2015 · 6:33 · Indexed 4 November 2026
Channel: Real Thing TV · 2015 · News & Politics
China bans major shareholders from selling their stakes for next six months Regulator seeks to slow stock market plunge with threat to punish those who flout ban as other markets continue to suffe. China’s securities regulator took the drastic step of banning shareholders with stakes of more than 5% from selling shares for the next six months in a bid to halt a plunge in stock prices that is starting to roil global financial markets. The China Securities Regulatory Commission (CSRC) said on its website late on Wednesday that it would deal severely with any shareholders who violated the rule. The prohibition is also seen applying to foreign investors who hold stakes in Shanghai- or Shenzhen-listed companies, although most of their holdings are below 5%. The steel price in China is now cheaper per tonne than cabbage. Evan Lucas, IG Markets strategist China’s stock markets opened down again Thursday morning before making up some ground. Shanghai Composite Index fell more than 3% in the first half hour of trading before reversing course and rising 1.4%, while the Shenzhen Component Index opened down just over 1%. Asian equities also extended losses as concerns over China’s market turmoil spread, while the safe-haven yen shot to a seven-week high as global risk appetite ebbed.
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