媒體稱中國官方醞釀大股東減持新規

China is to extend a ban on stock sales by large shareholders until permanent rules to restrict such sales take effect, as authorities seek to calm market fears over the lock-up that was due to expire tomorrow.

中國將延長一項禁止大股東出售股票的禁令——直至限制此類售股行爲的永久規則生效。當局正試圖平息市場對鎖定期原定明天到期的擔憂。

China’s blue-chip stock index, the CSI 300, tumbled 7 per cent on Monday, raising the prospect of a return to the panic selling of last summer when the main index was down 45 per cent at one stage.

週一，中國藍籌股指數滬深300(CSI 300)暴跌7%，引發了去年夏天的恐慌性拋售再次出現的可能性。在去年夏天的拋售中，中國主要股指一度跌去45%。

Analysts blamed Monday’s fall on fears over the impending end of the ban, which was imposed in early July.

分析師將週一的下跌歸因於人們擔心該禁令即將失效。這一禁令是2015年7月初出臺的。

Markets stabilised on Tuesday, but only after the “national team” of state financial institutions reportedly stepped in to buy shares. China’s main indices each closed more than 2 per cent higher yesterday.

週二股市恢復了穩定，不過據稱這也是在由官方金融機構組成的“國家隊”進場買入股票之後才發生的。昨天，中國各主要股指均收漲逾2%。

The extension of the ban is likely to reassure markets in the short term, but will raise fresh doubts about the government’s willingness to liberalise its capital markets and reduce moral hazard.

該禁令的延期可能會在短期內對市場起到寬慰作用。然而，它將令人質疑中國政府放開資本市場、降低道德風險的意願。

In the first half of last year, large shareholders on average sold a net Rmb76bn ($11.7bn) a month, according to analysts at Citigroup. That switched to net monthly buying of Rmb42bn following the stock sales ban.

根據花旗集團(Citigroup)分析師的說法，去年上半年大股東平均每月淨賣出760億元人民幣（合117億美元）。而在減持禁令啓動之後，該數據變爲每月淨買入420億元人民幣。

Expiry of the current restriction would result in about Rmb100bn of selling pressure per month, Citi estimates.

花旗估計，當前禁令的失效將導致每月大約1000億元人民幣的售股壓力。

The official Shanghai Securities News reported yesterday that China’s securities regulator was drafting new permanent rules to restrict sales by large stockholders.

昨天，據官方《上海證券報》(Shanghai Securities News)報道，中國證券監管機構正在起草新的限制大股東拋售股票的永久規則。

The regulator will extend the current ban, which bars sales by investors who hold at least 5 per cent of a single company’s tradeable shares, until the new rules are complete, the paper reported, citing unnamed sources.

該報援引未公開的消息來源報道稱，監管機構將把現有禁令（該禁令禁止持有一家上市公司至少5%流通股的股東出售股票）延長至新規定正式發佈實施。

The paper emphasised that regulators would ensure there was no gap between the expiry of the temporary ban and the imposition of new permanent rules, an assurance designed to allay investor concerns that big shareholders could exploit a chance to dump shares en masse.

該報強調，監管機構會確保該臨時性禁令失效與新的永久規定實施之間不存在空檔期，這一保證旨在減輕投資者對大股東可能借機大舉拋售股票的擔憂。

“Large shareholders still have many methods they can use to reduce their holdings. Hedging is one example. This move is more about calming market sentiment. If they want to sell, they can still do it,” said Guo Yanhong, analyst at Founder Securities in Beijing.

北京方正證券(Founder Securities)分析師郭豔紅表示：“大股東仍有許多可以動用的手段降低持股比例。對衝操作就是一個例子。這一舉措更主要的是爲了安撫市場情緒。如果他們想要售股，他們仍然能夠做到。”

The report in official media follows a statement by the China Securities Regulatory Commission on Tuesday in which the agency said it was “researching” new permanent rules to restrict share sales by large shareholders as well as by directors and managers.

就在官方媒體上述報道之前，中國證監會(CSRC)週二發佈聲明稱，正在“研究”限制大股東、公司董事和經理人減持股票的新的永久性規定。

The CSRC said it was considering a requirement that large shareholders disclose share sale plans in advance.

證監會表示，正在考慮要求大股東提前披露股份減持計劃。