Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Policy

China securities regulator supports mixed ownership reform

August 28, 2017


Abstract : China's securities regulator will continue to support the mixed ownership reform of state-owned enterprises (SOEs) within its responsibilities in the future, a spokesperson said Friday.

证监会

 

BEIJING, Aug. 25 (Xinhua) -- China's securities regulator will continue to support the mixed ownership reform of state-owned enterprises (SOEs) within its responsibilities in the future, a spokesperson said Friday.

For such reforms of SOEs involving initial public offerings, refinancing or mergers and acquisitions, the China Securities Regulatory Commission (CSRC) will give full support based on laws and regulations, spokesperson Chang Depeng said at a press conference.

Meanwhile, if reform plans involve capital market issues, the company should "strictly follow securities regulatory laws and regulations and existing supervisory rules," Chang said.

He made the remarks after the CSRC issued a statement supporting the mixed ownership reform of telecom carrier China Unicom as an "exceptional case."

Last week, the company published a plan to introduce new investment mainly by issuing shares to buyers including China Life and Tencent, but soon withdrew all filings with Shanghai Stock Exchange citing "technical reasons." Analysts believed the plan may breach a 20-percent cap for listed companies issuing new non-public shares.

The plan reappeared on the Shanghai bourse website Sunday night, followed by a supportive announcement from CSRC saying it treated the plan as an exceptional case exempted from the stricter refinancing rules effective since February.

Chang reiterated that the China Unicom case carried "great importance as a pilot for deepening reform of centrally administered SOEs."

"The company had made the mixed ownership plan earlier under the instruction of departments including the National Development and Reform Commission before the CSRC adjusted refinancing rules on Feb. 17, 2017," he explained.

Mixed ownership reform is believed to be able to raise the efficiency of state-owned capital and improve the vitality, influence and anti-risk capability of SOEs.

China will deepen the mixed ownership reform and seek progress in industries including petroleum, natural gas, railways, telecommunications and defense, according to this year's government work report.

Scan the QR code and push it to your mobile phone

Keyword: state-owned-enterprise CSRC

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial