Correctly understand the size of the non-reduction

 Correct understanding of the share merger reform issues related to notice, .3 resolution Pilot Reform of the past, the share reform has come size of the non-can be finished lifting of the ban.
since August 17, 2006 the first only growing, and sparked fears and anxiety. For example, in 2008, the annual there is a principle of good faith and regulatory constraints, it is not people think across the board or in one step, in this, I will be .
a shares to partial reduction of
so-called The reduction must be carried out in stages.
2005   9 4, the CSRC issued ; IV reforms, former non-tradable shares after the sale of shares In the 12 months shall not trade or transfer; (2) the total number of shares of listed companies held more than 5% of the original non-tradable shares, after the expiration of the previous paragraph, through the sale of the former Stock Exchange of non-tradable shares the sale of shares of the total number of Zhangaigongsi proportion of 12 months shall not exceed 5% in 24 months may not exceed 10%. the original non-tradable shareholders to sell a large amount of shares held, investors can use to a specific placement the way. on July 1 came into effect. This approach, although the additional conditions after the reduction.
in this approach ; overweight the following two conditions, the state holding shareholders in accordance with the decision within the decision-making process, and transfer of shares within 7 working days after the provincial level or above the provincial level state-owned assets supervision and administration for the record:
(1) the total share capital not more than 10 million shares of listed companies, state-owned controlling shareholder in the accounting year for 3 consecutive cumulative net transfer of shares (net of accumulated total holdings of shares in the transfer of shares after the balance, the same below), the ratio of listed companies does not meet the 5% of the total share capital; The total share capital of over 1 billion shares of listed companies, state-owned controlling shareholder in 3 consecutive fiscal year the number of cumulative net transfer of shares does not meet the cumulative net transfer of 5,000 shares or shares in listed companies has not reached the proportion of the total share capital of 3%.
(2) transfer of shares of state-owned controlling shareholder does not involve the transfer of control of listed companies.
control over state-owned shareholders who belong to the same, the cumulative amount of net transfer of shares or percentage should be combined.
the contrary, if the state controlling shareholder to transfer shares in the preceding article do not meet one of two conditions, the program should be gradual transfer of state-owned assets supervision and administration of the State Council after examination and approval bodies to implement.
(b) does not have a controlling position in the state-owned shareholders, hold equity shareholders of the decision in accordance with the internal decision-making process, and January 31 of each year to the transfer of shares of listed companies last year the situation at the provincial level or above the provincial level state-owned assets supervision and administration record; meet or exceed 5% of the total share capital of listed companies, and transfer programs should be progressively reported to State-owned assets supervision and administration implemented after review and approval.
state shareholders to block the transfer of trading of shares of listed companies, the transfer price of not less than the listed company's shares trading day weighted average price. < br> From the For the purposes of state-owned shares in one fiscal year, or 3 consecutive fiscal year, as long as the legal boundaries, state-owned shares to be within the decision-making procedures in accordance with their own decisions, without escalation State-owned assets supervision and administration for approval. In this way, the Chinese version of