China. Revised rules to benefit pensions
China released revised regulation on securities insurance and underwriting on Tuesday that gives insurance funds priority to subscribe to new shares offline, a move to benefit the public and improve market-oriented stock pricing.
The revised regulation said at least 40 percent of new shares placed offline should first seek public offering funds, social security funds, and basic pension funds, according to the official website of Legislative Affairs Office of the State Council.
It added that a certain proportion of new shares should also seek enterprise annuity funds and commercial insurance funds.
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