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.
Regulators acted as the Shanghai Composite closed down 5.9 per cent. The Shenzhen index lost 2.5 per cent, while the start-up ChiNext board managed to inch up 0.5 per cent. The renewed selling followed another round of share suspensions overnight that have now halted trading in 1,476 stocks — or more than 50 per cent of all listed companies on China’s two main exchanges. The suspensions have frozen $2.6tn worth of equity, according to Bloomberg calculations.
The sell-off was equally pronounced in Hong Kong, where global investors typically trade Chinese stocks. The Hang Seng index suffered one of its biggest point drops on record, shedding 5.8 per cent to erase all its gains over the previous 12 months.
Hong Kong Exchanges & Clearing, the bourse operator, dropped 8.3 per cent, taking its loss over the past five days to almost 30 per cent.
As the stock rout continued, Beijing responded with further measures to steady the market. The People’s Bank of China said it was helping state-owned China Securities Finance Corporation access liquidity to help the fund “hold the line against the outbreak of systemic or regional financial risk”. This is the clearest statement yet about what CSF is doing — buying shares directly using PBoC money, a big departure from its traditional role of lending to brokerages to support margin lending.
The CSF is also providing Rmb260bn ($41.9bn) of credit to brokerages in order to help them buy shares, according to the China Securities Regulatory Commission. In a statement the CSRC had noted: “There is a mood of panic in the market and a large increase in the irrational dumping of shares, causing a strain of liquidity.”
As stocks fell, large-caps broke their recent run of gains, with PetroChina— the country’s biggest company — dropping 8.6 per cent.
Since hitting a seven-year high in mid-June Chinese stocks have been in freefall, with both major indices dropping more than a third.
中國當局昨日采用激進舉動試圖支持賡續下跌的股市，包含制止上市公司大股東出售股票，同時應用央行資金支持市場。
在中國出台這兩項舉動之際，在新一波股票停牌、造成中國股市一半股票停息生意業務以後，投資者紛紜拋脫手中仍可出售的股票。
中國證監會(CSRC)指出比來幾天股市湧現“非理性下跌”，劃定在6個月內，上市公司持股5%或以上的股東不得出售股票。這一禁令還實用於上市公司高等治理職員和董事，無論其持股若幹。證監會表現將對違背劃定者“嚴正處置”。
羈系者采用最新行為之際，昨日上證綜指收盤下跌5.9%。深證成指下跌2.5%，而創業板指數(ChiNext)微漲0.5%。在投資者再度兜售股票以前，中國股市湧現另外一輪大範圍停牌，今朝有1476只股票停息生意業務，占滬深股市上市公司總數的50%以上。據彭博(Bloomberg)盤算，停牌已致使代價2.6萬億美元的股票被凍結。
香港股市也湧現了大幅下挫，環球投資者一樣平常會在香港生意業務中國要地本地股票。恒生指數(Hang Seng index)創下有記載以來最大點數下跌之一，跌幅達5.8%，抹去了以前12個月的全體漲幅。
股票生意業務所運營商——香港生意業務及結算全部限公司(Hong Kong Exchanges & Clearing)下跌8.3%，使曩昔5個生意業務日的累計跌幅靠近30%。
跟著股市持續大幅下挫，中國當局進一步出台辦法以穩固市場。中國國民銀行(PBoC)表現，正為國有的中國證券金融公司(China Securities Finance Corporation)供給活動性支撐，贊助後者“守住不產生體系性、地區性金融危害的底線”。這是迄今關於中國證券金融公司行為的最明白表述：直接應用央行資金購置股票，緊張偏離了其向券商放貸以支撐包管金貸款的傳統腳色。
據中國證監會稱，中國證券金融公司還向券商供給了2600億元國民幣(合419億美元)的信貸以贊助它們購置股票。中國證監會在一份聲明中指出：“今朝股票市場存在驚恐情感，非理性拋盤大批增長，致使股市湧現活動性重要的狀態。”
跟著股市下跌，大型藍籌股停滯了比來的上漲措施，中國最大的公司中煤油(PetroChina)下跌8.6%。
自本年6月中旬涉及7年高點以來，中國股市一向位於自由落體狀況，兩大重要股指跌幅跨越三分之一。
市場價：HK$ 110
