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PACIFIC WATCH

China

October 10, 1994|From Times Staff and Wire Reports

New Rules Spelled Out for Securities Listing: China's official securities watchdog, the Securities Regulatory Commission, has laid out new rules on rights issues for listed companies on the country's two exchanges, the state-run China Securities newspaper reported. The paper said all rights issues must be approved by the commission and central, provincial and municipal authorities. The offerings must be in line with the state's industrial policy, it said. Companies must wait at least one year between each rights issue. The regulations state that most companies must earn a profit rate of an average of at least 10% after tax for three years before they will be permitted to offer rights issues.

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