国资委支持中央企业增持或回购上市公司股份
2008年09月18日17:09 来源：人民网-经济频道 人民网北京9月18日电
李荣融今天表示，国资委支持中央企业根据自身发展需要增持其所控股上市公司股份，支持中央企业控股上市公司回购股份。
Updated: 2008-09-18 22:05
China is to back up its 147 centrally-administered state-owned enterprises (SOEs) in buying more stocks of their listed subsidiaries, the top state assets regulator said here Thursday.
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Companies mainly owned by the 147 giants should play an exemplary role on the market, he added.
Li stressed the Chinese economy was basically sound, and the 147 conglomerates were performing well. The SASAC supported them to buy more stocks of their listed companies based on their own growth requirements.
Chinese stocks have continued to hit new lows amid worries about global financial turmoil and the slowdown of the domestic economy. On Thursday, Chinese stocks tumbled 1.72 percent, the third fall in three days.
Updated: 2008-09-24 22:24
Substantial shareholders of seven listed companies raised their stake in subsidiary companies on Tuesday, following China National Petroleum Corporation (CNPC)'s move to buy more stocks of its Shanghai listed subsidiary, PetroChina Co Ltd.
As released in the announcement, China Coal Energy's controlling shareholder and parent company China National Coal Group Corp (China Coal), purchased 4.0499 million shares in Shanghai Stock Exchange, taking ownership of 57.55 percent of the issued shares.
Substantial shareholders of six other companies also joined the buying, with their business scope ranging from dairy, property, hi-tech and pharmacy. The transaction volumes were all beyond 100,000.shares.
All the substantial shareholders conveyed that they would keep buying their subsidiaries' shares over the following 12 months, and the increased stake would not exceed 2 percent of the overall issued shares as required by the State-owned Assets Supervision and Administration Commission (SASAC), the country's state assets regulator.
The commission officially expressed its support for State-owned enterprises (SOEs) to buy more stocks of their listed subsidiaries last week, to boost the sluggish domestic financial market amid global financial turmoil, as SOE subsidiaries account for 18 percent of the overall listed companies in the market. And the China Securities Regulatory Commission (CSRC) revised the regulations on the takeover of listed companies, and Shanghai Stock Exchange also implemented guidelines for shareholders and persons acting in concert late last month.
In response to the SASAC's call to stabilize the stock market, substantial shareholders or persons in concert of 23 listed companies had injected 480 million yuan ($70.31 million) in the stock market by September 19.
These substantial shareholders and persons in concert are estimated to reap more than 80 million yuan, with an earnings ratio up to 16.67 percent, thanks to the governmental stimulus package last Thursday, through cancellation of the stamp tax on stock purchases, the sovereign wealth fund injected in the country's top three commercial banks, and SASAC's support on SOEs' takeover acts.
Questions:
- The literature on China's SOE reform suggests that the SOEs, or most of them, have been converted into "independent" commerical entities with legal person status, with the object of maximizing the wealth of the shareholder (the state). Does this "buy-back" movement mean that SOEs are going back to history?
- Under the current corporate and securities law framework, do SOEs have the obligation to to this?
- Under what capacity can SASAC order the SOEs to "support" or "save" the stock market?
- What should the proper role of SASAC in China's SOE reform?
- What's the difference, in theory and in practice, between SOEs in China and their counterparts (if any), in the OECD countries?
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Stocks surge 9.5% on rescue move
By Zhou Yan (China Daily)
Updated: 2008-09-20 15:37
China's key stock index surged 9.5 percent on Friday - its biggest one-day percentage gain ever - as investors took heart from government measures and a global market turnaround.
The benchmark Shanghai Composite Index gained 179.25 points to 2,075.09 and stayed at that level all afternoon after many shares quickly hit the 10 percent upside daily limit.
None of the 1,618 stocks traded on the Shanghai and Shenzhen bourses fell, and the combined turnover amounted to 64.7 billion yuan ($9.51 billion), up 6.6 percent from the day before.
The rebound followed an announcement late on Thursday that the government had eliminated a 0.1 percent tax on share purchases, effective from Friday.
The government also called on key State-owned companies to buy back their own shares.
And it announced plans to use Central Huijin, an investment agency, to buy stocks in three major banks to help stabilize their share prices, which had plunged following Lehman Brothers' announcement that it has filed for bankruptcy.
Global stock markets roared higher on Friday after news of a possible US government plan to rescue banks from mortgage debt raised a collective sense of hope amid the world's worst financial crisis in decades.
Early on Friday, the US Securities and Exchange Commission took the dramatic step of temporarily banning short selling, the routine practice of betting against company stocks.
In Asia, Hong Kong's Hang Seng Index surged a stunning 9.6 percent to 19,327.73, while Japan's Nikkei 225 average rose 3.8 percent to 11,920.86.
On Wall Street, the Dow Jones industrial average on Friday rose nearly 400 points, up 3.62 percent, extending its 3.86 percent rally on Thursday.
London's FTSE jumped more than 7 percent on Friday, while Russia's leading stock exchanges suspended trading for a second time in several hours after stocks rose too sharply.
Both the RTS and MICEX indexes rose more than 20 percent.
The global turnaround came after the US government said it was seeking the power to rescue banks by buying distressed assets at the heart of the financial system turmoil that has brought down Lehman Brothers, Merrill Lynch and Bear Stearns. Details of the plan were still being worked out.
Zhu Haibin, an analyst at Essence Securities, said the average price/earnings ratio of A shares, now about 13 times, was a reasonable level.
Frank FX Gong, chief economist at JPMorgan Securities (Asia Pacific) Ltd, said it is rare in China for State companies to buy back their own shares and those of its listed subsidiaries, a move that will help balance market supply and demand.
China's markets have long suffered from worries over a potential glut of shares due to reforms that are producing billions of newly tradable stocks.
The Shanghai benchmark had fallen nearly 70 percent since hitting a peak of 6,124.04 in mid-October of last year.
But some analysts expressed skepticism about the long-term impact of the latest measures to bolster the market.
Investor confidence will not recover quickly after nearly a year of falling, Zhao Jianxing, an analyst at China Merchants Securities Co Ltd, said.
Jerry Lou, an analyst at Morgan Stanley Research (Asia-Pacific), warned that corrections may be ahead after Friday's rebound.
Some individual investors are doubtful about the long-term impact of the government measures.
"I will wait and see until more stimulus packages come out," a 36-year-old man surnamed Qiao in Shanghai said.
http://www.chinadaily.com.cn/bizchina/2008-09/20/content_7044355.htm
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