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Shanghai stock exchange cracks down on share-backed loans by controlling stakeholders: media 9/7/2018

The Shanghai stock exchange is cracking down on shareholders with controlling stakes in companies who pledge a high percentage of their holdings as collateral for financing, the China Securities Journal said on Friday, without citing sources.To get more shanghai stock market news, you can visit shine news official website.

The practice has prompted regulatory concern that a sharp fall in share prices could lead to a sudden change in the controlling shareholders of firms, which could consequently destabilise the market.

The newspaper said the Shanghai Stock Exchange (SSE) has asked controlling shareholders to disclose the share-backed loans they’ve taken out and to take measures to avoid a credit crisis.For these companies, the SSE has delivered regulatory work letters to the relevant controlling shareholder and asked such investors to set aside funds to mitigate associated risks.

The SSE also looked into whether controlling shareholders had misdirected funds or breached guarantees, and initiated disciplinary procedures for a group of offenders.

The exchange is also finalising new disclosure requirements on share pledges that will require the publication of associated credit arrangements, the paper said.Shanghai Stock Exchange (SSE) plans to increase its scrutiny of mergers, acquisitions, transfer of control deals and other corporate actions that could lead to financial risk in the market, the official Xinhua news agency reported on Saturday.

SSE said in a press briefing on Friday it plans to focus on ensuring a stable market and risk prevention, Xinhua reported.

SSE wants to prevent a small number of companies from becoming a platform for financial chaos, the agency said.

The exchange plans to prevent companies from concealing the “true purpose” of deals as was done in some recent long-term agreements and equity pledges that were designed to transfer ownership, Xinhua reported, citing an unnamed SSE official.

Overseas deals by Chinese companies fell by almost 50 per cent in the first half of this year, a result of capital controls and increasing bank scrutiny.

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