The Chinese securities watchdog has published stricter rules on selling stocksof major shareholders as such activity triggered market volatility and stoked concerns of retail investors.
The new policy, announced last Saturday, strengthens regulations on stock reductions through block trading, selling of non-public offering shares, information disclosure and equity transfers via agreements.
It came only one day after the China Securities Regulatory Commission said it has planned the revision to curb massive and irregular stock-selling of major shareholders.
The Shanghai and Shenzhen exchanges released detailed rules shortly after the regulator's move last Saturday.
For those who hold more than 5% of a company's stakes, their sales of non-public offering shares should not exceed 50% of their total holdings in a 12-month period after unlocking.
Stocks transferred through block trading should not surpass 2% of a company's total shares in 90 days, and the transferees are not permitted to sell again within six months.
Major shareholders, supervisors and management should report and publicize their holding reduction plans 15 trading days in advance.
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