Preferred share regulation on the cards
Print Edition
China may allow domestic companies listed overseas to issue preferred shares on the over-the-counter markets, the securities regulator said.
Financial institutions, Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors will be allowed to invest in preferred shares, Deng Ge, a spokesman for the China Securities Regulatory Commission, said at a briefing yesterday.
Individuals with assets of more than 5 million yuan (US$823,000) can also invest in the shares, Deng added.
The CSRC released a draft regulation on preferred shares to solicit public opinion, following the State Council’s decision last month to launch a pilot program on preferred share issuance.
Preferred stock, which has priority over common stock in dividend payments, is another funding channel for companies seeking long-term investors.
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