Shannon Brandao
(Right Click on Article's Hyperlink Above to Open Chart in a New Tab...)
"😐🇨🇳📉🔗 Reuters [excerpt]: The #Beijing #StockExchange has de facto implemented a new #policy that prevents major #shareholders of companies listed on its bourse from selling #stock, worried that such sales could douse a long-desired rally, three people familiar with the matter said.
...A 'major shareholder' is one with a stake of 5% or more and is required to make a public filing with the relevant stock exchange before selling shares, according to rules for #China's #bourses.
The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified.
It was not immediately clear how long this new policy would remain in place, they added.
The Beijing exchange and the China Securities Regulatory Commission did not immediately reply to requests for comment.
The bourse said separately in a statement on Monday morning ahead of this Reuters article that it was closely monitoring trading to ensure normal market order.
The so-called window guidance - where directives are made orally without written documents - is aimed at protecting the rally, the sources said.
One noted that without the guidance, the share price surge 'could prompt institutional shareholders to reduce their holdings which could knock the index down again.'
The Beijing bourse currently houses 232 companies with a combined market capitalisation of 366 billion yuan ($50 billion)."
#news #business #finance