Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: Nanchate who wrote (3050)	12/13/1999 10:22:00 PM
From: Nanchate	Read Replies (1) \| Respond to of 4443

A World of change is happening in China Chinese firms detail first state share sales SHANGHAI, Dec 14 (Reuters) - China Jialing Industry Co and Guizhou Tyre Co announced on Tuesday details of their plans to sell state shares in China's first such sale of its kind. The two companies, which list domestic A shares, are the first firms allowed to sell a portion of their state shares to public shareholders and mutual funds. Jialing, a Shanghai-listed motorcycle maker, said in a statement published in the Shanghai Securities News it would sell 100 million state shares at 4.5 yuan ($0.544) per share. Jialing closed down 0.09 yuan at 7.86 yuan on Monday. The shares accounted for 21.10 percent of the company's outstanding shares, the statement said. The state would maintain a 53.66 percent stake through ownership of 254.27 million shares, it said. Shenzhen-listed Guizhou Tyre Co said in a statement in the Securities Times it would offer 17.11 million state shares at 4.8 yuan each. On Monday, Guizhou Tyre closed up 0.04 yuan at 8.40 yuan. The sale represented 6.73 percent of the company's 254.33 million outstanding shares and the state would retain a 51 percent stake, the statement said. The companies said they would sell the state shares to existing holders of their A shares as well as domestic mutual funds, but gave no breakdown. China has said it will cut its stake in listed firms to 51 percent compared with the current average of 62 percent. Beijing has picked 10 firms, including property developer Shanghai Lujiazui Finance and Trade Zone Development Co , to sell state shares on an experimental basis. ($1=8.279 Yuan) ((Shanghai Newsroom: (86) 21-6355-4009; Fax 21-6355-5015 reutersh@uninet.com.cn)