© Reuters. The signal of Beijing Inventory Change is seen at its entrance throughout an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence Lo/File Photograph
SHANGHAI/BEIJING (Reuters) -The Beijing Inventory Change has de facto carried out a brand new coverage that forestalls main shareholders of corporations listed on its bourse from promoting inventory, fearful that such gross sales might douse a market rally, three individuals accustomed to the matter mentioned.
A “major shareholder” is one with a stake of 5% or extra, and to promote shares in an organization they personal, they should make a public submitting with the related inventory change, in accordance with guidelines for the nation’s bourses.
The Beijing change has been rejecting these filings, mentioned the individuals who weren’t authorised to talk to media and declined to be recognized.
It was not instantly clear how lengthy this new coverage would stay in place, they added.
The bourse and the China Securities Regulatory Fee didn’t instantly reply to requests for remark.
The so-called window steering – the place instructions are made orally with out written paperwork – might assist maintain the upward momentum for the Beijing Inventory Change 50 Index.
It jumped some 10% on Monday morning following a 21% surge final week that comes after authorities efforts to revive the long-dormant Beijing market.
