国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Share flotation details announced
By Chen Hua (China Daily)
Updated: 2005-05-11 14:01

One of the four A-share companies selected to pilot non-tradable share sales released details of the scheme yesterday.

Following a company board meeting, machinery manufacturer Sany Heavy Industries Co Ltd announced that its tradable shareholders will pay 18 million shares and 48 million yuan (US$5.8 million) cash as compensation to non-tradable shareholders.

This means non-tradable shareholders could get 3 extra shares and eight yuan (US$0.97) for every 10 shares they already own.

The company also promised that none of the original nontradable shares will be put on the market or be transferred to others within the first 12 months after floating.

Within the second 12 months after the official adjustment, a maximum of 17,571,630 formerly non-negotiable shares could be put on the market, with not less than 29,571,630 available a further 12 months later.

Of the companies 240 million shares,60 million are currently tradable and another 180 million non-tradable, adjustment will not affect the overall total.

The undertakings have been set out with the aim of controlling the expansion of the market pool and easing traders' concerns of dramatic price fluctuation, said Xiang Wenbo, chief executive of the company.

"I think the compensation is fair and the calculation method is reasonable," said Dong Chen, an analyst at China Securities Co.

A shareholder can get 0.8 yuan (9.7 US cent) per share, which means the yield rate compared to the latest closing price of 16.95 yuan (US$ 2) is 4.72 per cent, much higher than one-year bank deposit interest rates and the average A-share bonus level.

"This sets a very good model for following reform," Dong added..

The board meeting's approval has to be passed at the general shareholders' meeting, which will be held early next month.

According to the regulator's requirements, the board meeting's decision can be implemented only when meeting two standards: being approved by a certain amount of negotiable shareholders taking part in the general meeting and representing at least two thirds of the company's negotiable share; being approved by a certain number of shareholders representing two thirds of the total number of the company's shares.

"The public shareholders really have the final say this time," said Zhang Weixing, an economist in Beijing.

But the company should spare no effort to provide the negotiable shareholders with convenient ways to cast their votes, he said.

The company said in its circular that they would provide shareholders with on-the-spot voting, online voting and voting through agent directors.

Close