Shanghai Stock Exchange, Memorandum No.13 on Routine Information Disclosure by Listed Companies: Matters to be Disclosed in Advance When a Shareholder of a Listed Company Reduces Its Shareholding (Draft for Comments)

Issued: July 22 2014

Main contents: When a shareholder holding 5% of the shares is to reduce its shareholding, it is required to disclose the same in advance. When the shareholder discloses its shareholding reduction plan, it is required to specifically disclose the reason for reducing its shareholding, whether the contemplated reduction is consistent with its relevant previously disclosed intentions and/or undertakings, and such specific arrangements as the quantity by which it proposes to reduce its shareholding, the time period therefor, the method of reduction and the pricing of the shares involved in the reduction.

issued:2014-07-22

Issued: July 22 2014

Main contents: When a shareholder holding 5% of the shares is to reduce its shareholding, it is required to disclose the same in advance. When the shareholder discloses its shareholding reduction plan, it is required to specifically disclose the reason for reducing its shareholding, whether the contemplated reduction is consistent with its relevant previously disclosed intentions and/or undertakings, and such specific arrangements as the quantity by which it proposes to reduce its shareholding, the time period therefor, the method of reduction and the pricing of the shares involved in the reduction.

issued:2014-07-22