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China to ease control over share repurchase

(Xinhua)
Updated: 2008-09-21 21:41

China's securities watchdog said Sunday it would make it easier for listed companies to buy back their stocks in the latest government move to boost the equity market.

Related readings:  Stamp tax dropped to lift stock market  Stocks surge 9.5% on rescue move Return of confidence

Share repurchase through bidding at stock exchanges would no longer need approval from the China Securities Regulatory Commission (CSRC), according to a draft regulation issued by the CSRC.

It stated that such acts could take place after a report to the CSRC and a public disclosure of the information.

The change was made to improve the mechanism of share repurchase, which could help maintain investor confidence and stabilize the stock market when equities were undervalued, said the CSRC.

Chinese equities soared 9.46 percent on Friday to close at 2,075.09 points, ending a three-day decline amid Wall Street upheaval.

The rally came after the government canceled the 0.1-percent stamp tax on stock purchases and let its investment arm purchase shares of three major Chinese lenders on the secondary market.

Despite the Friday gains, China's key index was still only at about a third of where it stood at its peak in October 2007.

The CSRC will solicit public opinions on the draft regulation till September 28.