China Securities Regulatory Commission, Guiding Opinion on the Transfer of Existing Shares of Listed Companies that are Freed from Sale Restrictions

中国证券监督管理委员会上市公司解除限售存量股份转让指导意见

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clpstaff &clp articles

Locked-up shares from the share reform released.

Issued: April 20 2008
Effective: As of date of issuance

Applicability: The term “existing shares” in the Opinion refers to the shares subject to a lock-up period of companies listed on the Shanghai or Shenzhen Main Board that have completed the reform regarding the separation of equity ownership and trading rights, and shares of companies listed on the Shanghai or Shenzhen Main Board issued prior to the initial public offering conducted after the reform regarding the separation of equity ownership and trading rights (Article 1).

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