As Market Sinks, China Plans to Boost Stock Buybacks
China is planning to make it easier for listed companies to buy back their shares, a potential boost to a struggling stock market that’s already slumped nearly 20% this year.
The securities regulator said on Thursday that revisions to the Company Law are being proposed that will broaden the circumstances under which companies can repurchase their shares, and simplify and speed up the process for obtaining shareholder approval for buybacks. The proposals will also give companies more flexibility in how they deal with the shares by allowing them to set up a treasury stock account to hold the equities, according to the statement posted on the China Securities Regulatory Commission (CSRC) website.
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