22 February 2019

China issues draft rules on preferred stocks, paper says

China Securities Depository and Clearing Ltd. (CSDC) has issued draft rules on subscription, trade or transfer of preferred stocks, China Securities Journal reported Wednesday. The proposed regulations require investors to subscribe to preferred stocks issued publicly online with cash. All transactions involving preferred stocks must be made through an A-share account with CSDC, the report said. Also, CSDC will provide multilateral net settlement for centralized bidding transactions of preferred stocks. The proposal has been released for public consultation. 

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