Guideline to narrow price limits for shares
Source: Xinhua |
July 28, 2012, Saturday
|
Print Edition
Print Edition
THE Shanghai Stock Exchange yesterday unveiled a draft guideline narrowing price fluctuation limits for shares under delisting procedures to curb excess speculation and better protect investors.
As part of arrangements to speed up and simplify the delisting rules, the bourse is asking for public feedback.
According to the proposed adjustments, listed companies operating at losses for two consecutive years will be labeled "under special treatment," or "ST shares," and those operating at losses for three consecutive years will be marked "*ST shares" to warn investors of risks.
Among the proposed changes, the daily price upper limit of those "ST shares" will be adjusted to 1 percent, while the price down limit will be narrowed to 5 percent.
For those junk shares of which the closing prices are below 0.50 yuan (8 US cents) per share, the daily price upper limit will be adjusted to 2 percent in the A-share markets, while for those penny shares whose closing prices are below 5 US cents in the B-share markets, the upper limit will be capped at 20 percent.
The daily price up/down limit for "*ST shares" that are under delisting procedures will remain unchanged at 10 percent - the same as ordinary shares.
"*ST" companies under delisting procedures will be delisted in 30 trading days.
The stock exchange can further adjust the daily price ceilings with the approval of the China Securities Regulatory Commission.
The stock exchange can suspend trading if 30 percent or more of a company's shares change hands in a single trading day.
As part of arrangements to speed up and simplify the delisting rules, the bourse is asking for public feedback.
According to the proposed adjustments, listed companies operating at losses for two consecutive years will be labeled "under special treatment," or "ST shares," and those operating at losses for three consecutive years will be marked "*ST shares" to warn investors of risks.
Among the proposed changes, the daily price upper limit of those "ST shares" will be adjusted to 1 percent, while the price down limit will be narrowed to 5 percent.
For those junk shares of which the closing prices are below 0.50 yuan (8 US cents) per share, the daily price upper limit will be adjusted to 2 percent in the A-share markets, while for those penny shares whose closing prices are below 5 US cents in the B-share markets, the upper limit will be capped at 20 percent.
The daily price up/down limit for "*ST shares" that are under delisting procedures will remain unchanged at 10 percent - the same as ordinary shares.
"*ST" companies under delisting procedures will be delisted in 30 trading days.
The stock exchange can further adjust the daily price ceilings with the approval of the China Securities Regulatory Commission.
The stock exchange can suspend trading if 30 percent or more of a company's shares change hands in a single trading day.
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