In april , the csrc chose four companies for a pilot programme under which the non - tradeable shares would be listed and the state ' s holdings gradually reduced 四月，证监会选取四家公司作为试点，让非流通股可以上市，国有的股份逐渐地减持。
The object of acquisition shall extend to convertible bonds and warranties without limitation to shares , no matter negotiable stocks or non - negotiable stocks 收购的客体不应仅局限于股票(流通股、非流通股) ，还应扩展到可转化公司债券和认股权证。
The ownership structure is characterized by state - owned shares dominating singly and artificially division between circulating shares and non - circulating ones 国有上市公司的股权结构显著特征是“国有股一股独大”以及“流通股、非流通股人为分割” 。
Such valuations are based on the improbable projections that all of the company ' s non - tradable shares still held by the state parent are equal in value to the traded shares 此等估值基于一个不太可能的假设，即中石油国有母公司持有的全部非流通股，均与流通股等值。
Shang fulin , chairman of the china securities and regulatory commission , said reforming the state ' s holdings of non - tradeable shares was crucial in developing the country ' s capital market 中国证监会主席尚福林说，国有非流通股改革在发展国内资本市场中是至关重要的。
The restructuring sought to end a practice where as much as two - thirds of the capital in the average company was nontradable stock , often held by a government entity 全流通改革是为改变以往中国上市公司通常都有三分之二股票不能流通的状况，这些非流通股大多是国有股。
Mbo cannot co - exist with exchangeable stockholders , non - exchangeable stockholders , administrators and other investors , so people cannot get efficiency and justice 上市公司mbo不能实现非流通股股东、流通股股东、公司管理层和其他投资者的共赢,既缺乏公平,也谈不上效率。
We analyze the effect of these parameters to the esos price including non - circulated stock , circulated stock , the whole share of stock , the transforming rate and state variable 而且中国股权结构下esos的价值与股票总数,交换率以及流通股数同方向变化,与非流通股数反方向变化。
In mbo , the definitude of the buying parties , the pricing of the non - transferable state - owned shares and the buying capital financing are the three key questions 在上市公司管理层收购中，收购主体的设定、非流通股的定价和收购资金的来源是三个难点问题。 1 .关于收购主体的设定。
Before the property rights are clear , especially when there are both non - exchangeable securities and exchangeable securities , there is no chance and soil for mbo in the market 在产权关系没有理顺之前,特别是在证券市场非流通股和流通股并存的双轨制情况下,事实上并不具备在上市公司推行mbo的时机和土壤。
