March 21, 2014 / 8:07 AM / 4 years ago

China unveils rules on preferred shares pilot scheme

BEIJING, March 21 (Reuters) - China’s securities regulator said on Friday three kinds of listed companies would be allowed to issue preferred shares as it unveiled rules for a long-awaited pilot scheme for such issues.

The China Securities Regulatory Commission said these companies would be allowed to issue such shares in batches after winning regulatory approval. It did not immediately elaborate.

CSRC officials had earlier this week said the time was ripe for China to start trialing preferred shares, and that all listed and non-listed companies could ultimately apply for issuance. Reuters reported earlier this month that the preferred shares experiment could be launched soon. (Reporting by Zhang Xiaochong and Kevin Yao; Editing by Miral Fahmy)

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