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China's state-owned assets supervisor is "active" in promoting the on-going stock market reforms, and encourages innovation in the reform schemes, an official said Wednesday.
Guo Jianxin, official with the State-owned Assets Supervision and Administration Commission (SASAC), told a press conference that all the state-hold listed companies are "actively and earnestly" preparing for the reform plans.
By Wednesday, a total of 40 state-hold listed companies have publicized their reform plans, among which eight are controlled by major state-owned firms under the direct supervision of SASAC, he said.
Guo's remarks, by echoing the major points of a relevant document SASAC issued early September, endeavor to eliminate the worries that SASAC might prolong approval of reform plans of major state-owned firms, and that SASAC tend to offer less compensation for the tradable share holders.
Some analysts held that these worries are among the factors causing the declining stock price, which the central government has taken every effort to stabilize since the beginning of the share reform, in the past several days.
SASAC, by encouraging new ways of compensation besides simply giving shares, aims to encourage the long-term development of the listed companies concerned, and to protect the long-term interests of the tradable share holders as a result, said Guo.
"Performance of listed companies concern the common interests of both tradable and nontradable share holders, who share the aspiration of enjoying return from the increased wealth of the company," he said.
No authority has declared the compensation standard so far, he noted, so there is no way to judge whether shares offered by state-owned firms under SASAC are more or less.
"If the tradable and nontradable share holders reach an compensation agreement on the basis of adequate communication, consultation and combat, I believe the agreement should be sound," said Guo.
During the share reform aiming to float the nontradable shares, the nontradable share holder commonly offer three shares to the tradable share holders for every ten shares, in order to make up for the loss caused by price drop of tradable share as large amount of nontradable ones enter the market.
As for reform concerning listed companies with investors overseas, Guo said both SASAC and the companies are drafting the reform measures or plans, and the companies are "carefully" studying relevant domestic and foreign laws.
(Xinhua News Agency September 29, 2005)
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