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By Shangguan Zhoudong (Chinadaily.com.cn)
Updated: 2007-09-18 14:11

The China Securities Regulatory Commission (CSRC), the nation's securities regulator, yesterday issued new draft rules governing major asset restructuring by listed companies, the Shanghai Securities News reported today.

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The rules define major restructuring as restructuring that involves the sale or purchase of assets accounting for over 50 percent of a listed firm's total assets or core revenue generation.

Such restructuring now requires the approval of over two-thirds of a listed companies' shareholders. Previously, 50 percent was the requirement.

The CSRC said it will also set up a special panel responsible for listed companies' restructuring applications.

The special panel will involve 25 commissioners, of which five will be from the CSRC, and the other 20 will be from other institutions.

The CSRC yesterday also issued measures governing information disclosure and non-public offering of stocks.