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Share impact fears allayed

By Bi Xiaoning (China Daily)
Updated: 2008-07-22 08:59

Stock investors chat at a securities house in Wuhan, Hubei province. The Shanghai Composite index rose 2.99 percent to close at 2861.42 yesterday.  [China Daily]

The unlocked non-tradable shares numbered about 84.3 billion as of June 30, accounting for 18.43 percent of the total non-tradable shares, according to the China Securities Depository and Clearing Corporation Ltd. Amid this, about 25 billion shares, or 29.67 percent, has been sold.

"Actually, the impact of sales of unlocked shares isn't as serious as investors think. The daily transaction in unlocked share sale only account for 1 percent of the total transactions per day, or even less," an official with the China Securities Regulatory Commission (CSRC) said.

As for investors pinning their hopes on the government to "save" the market by limiting the sale of unlocked non-tradable shares, the official said: "It's unreasonable to limit shareholders' rights. One can't turn the clock back. It's a necessary process of the reform of non-tradable shares, which aims to balance the interests of shareholders and the healthy growth of the stock market."

Some major shareholders, including Sany Heavy Industry Co, have volunteered to hold the newly tradable shares. Industry analysts said these shareholders won't sell unlocked shares at random as they seek long-term profits.

Looking ahead, the CSRC will take further measures to regulate the market, including perfecting the block trading system and the asset management business, according to the official.

"There's much room for Chinese private banks to develop. Risk management and value-added services, and liquidity management will be necessary, especially for those who prefer to keep a large amount of unlocked shares. As regulators, we need to lay down specific rules to provide a suitable environment," the official added.