Bourse eyes blue-chip board
Print Edition
The Shanghai Stock Exchange is considering setting up a board of high-yield blue-chip stocks to boost the quality of listed firms as well as enhancing scrutiny of irregularities to improve market transparency.
The exchange is seeking to revitalize the blue-chip market to improve the quality of listed firms and optimize the market structure, it said in a statement released yesterday.
The bourse also said it will tighten supervision of listed companies and improve the mechanism for timely disclosure of information. The exchange said it will require listed companies found guilty of fraudulent issuance to buy back all the shares and compensate investors.
The exchange’s move came after the central government pledged to step up protection of investors.
The State Council last week unveiled guidelines to better protect investors, including encouraging dividend payment by listed firms, boosting voting rights for small investors and an insurance system if a firm should delist.
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