2023-11-27 10:40:56
[대한경제=안재민 기자]Archyde.com reported on the 27th, citing multiple sources, that the Beijing Stock Exchange, China’s third-largest exchange, has imposed a ‘stock sale ban’ on major shareholders of listed companies.
Sources said that the Beijing Stock Exchange has effectively implemented a new policy prohibiting major shareholders of listed companies under its jurisdiction from selling shares, and there are concerns that selling by major shareholders might pour cold water on the long-awaited stock market recovery.
The Beijing Stock Exchange, which opened in November 2021 following the Shanghai and Shenzhen exchanges, was established for the purpose of providing funding to small and medium-sized innovative companies, but has lost power due to a lack of interest from investors.
Then, thanks to the authorities’ stock market stimulus measures, the Beijing stock market’s representative 50 index surged 46% this month.
The stimulus package included lowering the minimum funds that investors must have in securities accounts to invest.
According to Chinese government regulations, major shareholders with a stake of 5% or more must disclose relevant information before selling shares.
Sources said that the Beijing Stock Exchange is preventing them from selling their stocks by refusing to make such disclosures. He added that it is unclear how long this new policy will remain in place.
Sources explained that these so-called ‘window guidelines’, which are handed down verbally without documentation, are aimed at maintaining the stock market recovery. He pointed out that without these guidelines, a surge in stock prices might lead institutional investors to sell their shares, causing the 50 index to fall once more.
There are currently 232 companies listed on the Beijing Stock Exchange, with a market capitalization of 366 billion yuan (regarding 67 trillion won).
On the other hand, 2,256 companies are listed on the Shanghai Stock Exchange, with a market capitalization of 47 trillion yuan (regarding 8,550 trillion won). The market capitalization of the Shenzhen Stock Exchange, where regarding 3,000 companies are listed, is 31.9 trillion yuan (regarding 5,800 trillion won).
China plans to stage and systematize its stock market so that small and medium-sized innovative companies can start growing at the Beijing Stock Exchange, which has the lowest threshold, and advance through the scientific innovation board or start-up board of Shanghai and Shenzhen to the main board of Shanghai and Shenzhen. there is.
Reporter Jaemin Ahn jmahn@
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