January 7, 2016 / 4:08 AM / 4 years ago

China's securities regulator restricts big share sales as stocks nose dive

SHANGHAI (Reuters) - China’s securities regulator issued rules on Thursday to restrict share sales by listed companies’ major shareholders, saying the move will stabilize market expectations but doesn’t signal an imminent exit of the “national team” of investors.

Major shareholders must not sell more than 1 percent of a listed company’s share capital through stock exchanges’ centralized bidding system every three months, according to the rules published by the China Securities Regulatory Commission that will take effect Jan. 9.

In addition, major shareholders must file their plans 15 trading days in advance of sales.

Reporting by Samuel Shen and Pete Sweeney; Editing by Jacqueline Wong

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