China is to extend a ban on stock sales by large shareholders until permanent rules to restrict such sales take effect, as authorities seek to calm market fears over the lock-up that was due to expire tomorrow.

中国将延长一项禁止大股东出售股票的禁令——直至限制此类售股行为的永久规则生效。当局正试图平息市场对锁定期原定明天到期的担忧。

China’s blue-chip stock index, the CSI 300, tumbled 7 per cent on Monday, raising the prospect of a return to the panic selling of last summer when the main index was down 45 per cent at one stage.

周一，中国蓝筹股指数沪深300(CSI 300)暴跌7%，引发了去年夏天的恐慌性抛售再次出现的可能性。在去年夏天的抛售中，中国主要股指一度跌去45%。

Analysts blamed Monday’s fall on fears over the impending end of the ban, which was imposed in early July.

分析师将周一的下跌归因于人们担心该禁令即将失效。这一禁令是2015年7月初出台的。

Markets stabilised on Tuesday, but only after the “national team” of state financial institutions reportedly stepped in to buy shares. China’s main indices each closed more than 2 per cent higher yesterday.

周二股市恢复了稳定，不过据称这也是在由官方金融机构组成的“国家队”进场买入股票之后才发生的。昨天，中国各主要股指均收涨逾2%。

The extension of the ban is likely to reassure markets in the short term, but will raise fresh doubts about the government’s willingness to liberalise its capital markets and reduce moral hazard.

该禁令的延期可能会在短期内对市场起到宽慰作用。然而，它将令人质疑中国政府放开资本市场、降低道德风险的意愿。

In the first half of last year, large shareholders on average sold a net Rmb76bn ($11.7bn) a month, according to analysts at Citigroup. That switched to net monthly buying of Rmb42bn following the stock sales ban.

根据花旗集团(Citigroup)分析师的说法，去年上半年大股东平均每月净卖出760亿元人民币（合117亿美元）。而在减持禁令启动之后，该数据变为每月净买入420亿元人民币。

Expiry of the current restriction would result in about Rmb100bn of selling pressure per month, Citi estimates.

花旗估计，当前禁令的失效将导致每月大约1000亿元人民币的售股压力。

The official Shanghai Securities News reported yesterday that China’s securities regulator was drafting new permanent rules to restrict sales by large stockholders.

昨天，据官方《上海证券报》(Shanghai Securities News)报道，中国证券监管机构正在起草新的限制大股东抛售股票的永久规则。

The regulator will extend the current ban, which bars sales by investors who hold at least 5 per cent of a single company’s tradeable shares, until the new rules are complete, the paper reported, citing unnamed sources.

该报援引未公开的消息来源报道称，监管机构将把现有禁令（该禁令禁止持有一家上市公司至少5%流通股的股东出售股票）延长至新规定正式发布实施。

The paper emphasised that regulators would ensure there was no gap between the expiry of the temporary ban and the imposition of new permanent rules, an assurance designed to allay investor concerns that big shareholders could exploit a chance to dump shares en masse.

该报强调，监管机构会确保该临时性禁令失效与新的永久规定实施之间不存在空档期，这一保证旨在减轻投资者对大股东可能借机大举抛售股票的担忧。

“Large shareholders still have many methods they can use to reduce their holdings. Hedging is one example. This move is more about calming market sentiment. If they want to sell, they can still do it,” said Guo Yanhong, analyst at Founder Securities in Beijing.

北京方正证券(Founder Securities)分析师郭艳红表示：“大股东仍有许多可以动用的手段降低持股比例。对冲操作就是一个例子。这一举措更主要的是为了安抚市场情绪。如果他们想要售股，他们仍然能够做到。”

The report in official media follows a statement by the China Securities Regulatory Commission on Tuesday in which the agency said it was “researching” new permanent rules to restrict share sales by large shareholders as well as by directors and managers.

就在官方媒体上述报道之前，中国证监会(CSRC)周二发布声明称，正在“研究”限制大股东、公司董事和经理人减持股票的新的永久性规定。

The CSRC said it was considering a requirement that large shareholders disclose share sale plans in advance.

证监会表示，正在考虑要求大股东提前披露股份减持计划。