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30 listed Chinese firms say big shareholders to extend selling ban
[SHANGHAI] 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 stabilise China's stock market after Monday's 7 per cent 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 (S$271.5 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, Shandong Sun Paper Industry Co Ltd, Zheijiang Sanhua Co Ltd and Changshu Tianyin Electromechanical Co Ltd.