|
|
|
Thursday May 8, 2:51 PM
Sinopec unit banned from trading for three months: reportA sales unit of Asia's top refiner Sinopec was banned from trading securities for three months for improperly selling off shares after the expiry of their lock-up period, state media reported Thursday. The Shanghai bourse has frozen trading accounts of the Shanghai-based sales firm for three months and reported the case to the China Securities Regulatory Commission for further investigation, the China Securities Journal said.
China enforces extremely complex rules on the sale of shares emerging from lock-up periods, depending on whether the shareholders are large or small. The paper did not specify how many shares the company could have sold without breaking the rules. Investors have fretted the release of large amounts of previously non-tradable shares, some resulting from a government share reform, could flood the market as they become freely tradable. China's stock market hit a historic high in October, but then slumped by nearly half in the ensuing months, partly because the freeing up of these shares had depressed prices. The report also said the securities regulator has launched a probe into two companies for inappropriately selling large amounts of shares in Shanghai-listed Sichuan Hongda at the expiry of the lock-up period.
|
|
Copyright ©
2008
AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.
|
