{
    "success": true,
    "data": {
        "id": 1086842,
        "msgid": "china-calls-for-new-ways-to-float-state-shares-1447893297",
        "date": "2001-12-19 00:00:00",
        "title": "China calls for new ways to float state shares",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "China calls for new ways to float state shares Tiffany Wu, Reuters, Shanghai\/Beijing China's stock market watchdog said on Tuesday, after Chinese Premier Zhu Rongji called for new ways to dispose of massive government holdings in listed firms, it was considering seven state-share selldown schemes.",
        "content": "<p>China calls for new ways to float state shares<\/p>\n<p>Tiffany Wu, Reuters, Shanghai\/Beijing<\/p>\n<p>China's stock market watchdog said on Tuesday, after Chinese<br>\nPremier Zhu Rongji called for new ways to dispose of massive<br>\ngovernment holdings in listed firms, it was considering seven<br>\nstate-share selldown schemes.<\/p>\n<p>The proposals include share placements, buybacks, warrants,<br>\nfunds and establishing a new market specifically to trade state<br>\nshares, the China Securities Regulatory Commission (CSRC) said in<br>\na statement published on its Web site www.csrc.gov.cn.<\/p>\n<p>Regulators suspended their first state-share selldown<br>\nprogram in October after the controversial plan contributed to a<br>\n30 percent drop in share prices following its implementation in<br>\nJuly and stalled China's IPO calendar.<\/p>\n<p>The pilot scheme required listed firms to float a portion of<br>\ntheir formerly non-tradable state shares in every ordinary share<br>\noffering. Proceeds went to a cash-strapped pensions system.<\/p>\n<p>However, the unpopular program raised fears the market would<br>\nbe swamped and angered retail punters who accused the government<br>\nof selling the shares at aggressively high prices.<\/p>\n<p>Zhu told a conference that resuming the selldown was \"an<br>\nurgent task\", but gave no timetable, the official China Daily<br>\nreported on Tuesday.<\/p>\n<p>\"We will not stop the reduction and sale because that is a<br>\nchannel for the central government to contribute to the social<br>\nsecurity fund,\" Zhu was quoted as saying. \"Securities regulators<br>\nshould think of unveiling detailed measures.\"<\/p>\n<p>Analysts said they expected state share selldowns to resume<br>\nwithin months as the government lacked other means of raising<br>\nmoney to help an aging population and the growing ranks of the<br>\njobless, already suffering from other wrenching state reforms.<\/p>\n<p>About two-thirds of listed company shares are now non-tradable<br>\nand the gradual flotation of state stakes would also bolster<br>\ncorporate governance and transparency.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/china-calls-for-new-ways-to-float-state-shares-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}