The Chinese securities watchdog has published stricter rules on selling stocks of major shareholders as such activity triggered market volatility and stoked concerns of retail investors.
由于大股东减持引起了市场波动、引发了散户投资者的担忧，我国证券监管机构日前发布了更严格的大股东减持规定。
The new policy, announced last Saturday, strengthens regulations on stock reductions through block trading, selling of non-public offering shares, information disclosure and equity transfers via agreements.于上周六宣布的这一新规，加强了对通过大宗交易减持股份、减持非公开发行股份、信息披露和股权协议转让的监管。It came only one day after the China Securities Regulatory Commission said it has planned the revision to curb massive and irregular stock-selling of major shareholders.中国证监会此前表示计划修改相关规定，限制大股东大规模违规减持，仅一天后就发布了新规。The Shanghai and Shenzhen exchanges released detailed rules shortly after the regulator's move last Saturday.
上周六，上海、深圳证券交易所紧随证监会之后出台了相关细则。For those who hold more than 5% of a company's stakes, their sales of non-public offering shares should not exceed 50% of their total holdings in a 12-month period after unlocking.公司持股5%以上股东减持非公开发行股份，在解禁后12个月内不得超过其持股总量的50%。Stocks transferred through block trading should not surpass 2% of a company's total shares in 90 days, and the transferees are not permitted to sell again within six months.通过大宗交易方式转让股份，在连续90日内不得超过公司股份总数的2%。且受让方在6个月内不得转让。Major shareholders, supervisors and management should report and publicize their holding reduction plans 15 trading days in advance.大股东、监事和管理人员应提前15个交易日报告并公告其减持计划。