Chinese authorities took drastic action to try to prop up sinking stocks yesterday, banning listed company shareholders with big stakes from selling shares, and using central bank money to bolster the market.
The twin moves came as investors rushed to sell what they still could after a fresh wave of share suspensions that has halted trading in half the market.
Citing the “irrational drop” in share prices in recent days, the securities regulator banned listed company shareholders with stakes of 5 per cent or more from selling any shares for six months. The ban also applies to senior company executives and board members, regardless of the size of their stakes. The regulator said it would “deal sternly” with violators.
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