Rules let early sale of shares in IPO
Print Edition
China’s top securities regulator yesterday put into effect rules to allow early shareholders of a company to sell their shares during an IPO.
The temporary rule is one of the important measures in China’s newly announced initial public offering reform plan, according to the China Securities Regulatory Commission. Shareholders who have held shares for over 36 months can sell them to investors during the company’s IPO, but the sales must not lead to a change of the company’s controller or major changes in its ownership structure. The move will help raise the number of shares for sale during the IPO and promote adequate seller-buyer interactions to curb high prices set for IPOs, the CSRC said.
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