China's listed state-owned enterprises should play a key role to guarantee a well-developed capital market and combat securities crime, China's stock watchdog said yesterday.
"Listed SOEs should be pillars of China's capital market. They must be independent, disciplined and competitive, serving as role models for other publicly trade companies," said the Website statement, citing Fan Fuchun, deputy chairman of China Securities Regulatory Commission.
By October, a total of 279 companies controlled by state-owned enterprises had been listed on the market.
Their combined value of assets reached 4.01 trillion yuan (US$534.6 billion) with net earnings of 273 billion yuan in the first ten months.
The listed SOEs have collected a total of 570 billion yuan from trading their shares on the market.
Fan stressed that listed companies should be responsible for the interests of all shareholders, instead of only the biggest shareholder.
Companies should safeguard their independence in regular operation and management.
Fan also said that in all circumstances, listed SOEs should fight relentlessly against malpractice on the market, including insider trading, stock-price manipulation and information disclosure that is not up to standard.
He urged listed SOEs to raise their transparency and enhance their competitiveness. The CSRC has continued to tighten its rein over malpractice on the stock market.
Earlier this year, the commission issued rules to limit trade of stock accounts owned by people under regulatory probes for wrongdoings.