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Another 13 companies listed on the Shanghai and Shenzhen Stock Exchanges joined the state-shareholding reform on Monday, aiming to float shares previously barred from trading on the stock markets.

 

The reform, also known as split share structure reform, and the legislative reforms for listed firms and corporate governance, are among the measures the government has taken in the past year to revive the capital market to improve its financial security.

 

The split share structure refers to the existence of both tradable shares and non-tradable shares owned by the state.

 

In order to make all their shares tradable, listed companies have to offer additional shares or funds to private investors as compensation for potential losses in the value of their portfolios when the publicly-owned shares hit the market.

 

The reform has been viewed by the regulator and investors as vital for the capital market to function as an open and fair market for both majority and minority public shareholders.

 

In this round of reform, 13 participating companies have been listed on the Shanghai Stock Exchange, with a total market value of 35.45 billion yuan (US$4.4 billion), and four have been listed in Shenzhen Stock Exchange, with total market value of 4.76 billion yuan.

 

About 90 percent of Chinese firms listed domestically have completed or are in the process of state-shareholding reform. The reform is expected to be concluded by the end of this year.

 

(Xinhua News Agency July 18, 2006)