Fri, June 19, 2009
Business > Economy

China listed companies to transfer state-owned shares to Social Security Fund

2009-06-19 11:09:23 GMT2009-06-19 19:09:23 (Beijing Time)  Xinhua English

BEIJING, June 19 (Xinhua) -- China's listed companies will have to transfer part of their of state-owned shares to the National Social Security Fund as the government moves to prepare for an aging society, the government said Friday.

The new rules shall apply to all those companies listed on domestic stock exchanges. Shares transferred to the national pension fund shall amount to 10 percent of total shares offered in the IPOs, according to a recent decision by the State Council, the cabinet.

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