升势中居安思危 限售股亟待破解――09年限售股解禁情况分析（The rally in the time limit the sale of shares to be solved -- 09 years ban the sale of shares of）.doc

升势中居安思危 限售股亟待破解――09年限售股解禁情况分析（The rally in the time limit the sale of shares to be solved -- 09 years ban the sale of shares of） With the arrival of the peak of the lifting of the ban in 2009, the mainland stock market will enter into the era of full circulation with the increase of the listed companies with full circulation. 09 years of lifting the ban and cash a larger amount, will cause the overall market trend is weak. However, the restriction of the amount of the sale of shares and the amount of time limit for the announcement of the cash limit will help us to grasp the operating band of the overall market. Southwest Securities Zhang Gang Up to now, 1602 A shares listed companies, the company has not completed the share reform of 51, accounting for 3.19%, the stock reform work is basically completed. Has achieved full circulation of the company has 33, accounting for 2.06%. And since the peak of the lifting of the ban in 2009, with the realization of the full circulation of listed companies increased, the mainland stock market will continue to enter the era of full circulation. The share reform of listed companies management approach the provisions of article twenty-seventh, the selling of original non tradable shares after the reform of the company, shall comply with the following provisions: (a) the implementation of the reform program since the date of the transaction may not be listed or transferred within twelve months; (two) holding more than five percent of the total number of shares of listed companies the original non tradable shareholders, in the preceding paragraph after the expiration of the stock exchange to sell the original non tradable shares, the sale quantity accounts for the total shares of the company shall not exceed the proportion of five percent in twelve months, not more than ten percent in twenty-four months. Since 2005, listed companies have begun to enter the share reform program, most of which took place in 2006. Previous commitments