BIZCHINA / Pilot
SME board companies to spearhead 'G-era'
(cninfo.com.cn)
Updated: 2005-11-21 13:55
The split share structure reform plan of Guizhou Qianyuan Power Co Ltd
went through the company's shareholders' meeting today with a high
voting-for ratio from tradable shareholders.
So far, all the 50 companies on the SME (small and medium enterprise)
board have eyed their share reforms approved by their shareholders and
become G-board companies after 155 days since the first SME company, Zoje
Sewing Machine joined the share reform on June 20. It heralds that the
SME board will realize full floating share structures ahead of all other
listed companies.
At the same time, insiders revealed that the first G-share index or the
SME index will make a debut after all the SME companies complete their
share reform.
Statistics shows that non-tradable shareholders of the 50 companies have
plans of offering 3.386 shares per 10 shares on average to the tradable
shareholders as the compensation for the float of the non-tradable
shares. A total of 46 companies or 92 percent of the SME companies come
up with plans to offer 3 shares or more per 10 shares, while 4 companies
or 8 percent of them have plans of consideration share offer of as many
as 4.5 shares per 10 shares.
Relevant analysts hold that the share reform's smooth progress on the SME
board shall be attributed to the strength and excellent performances of
the 50 SME companies.
According to the third quarter reports, SME board companies maintained
strong growth momentum in the first three quarters. The 50 companies
earned 593 million yuan (US$73.36 million) from core businesses or 111
million yuan on average, up 36.70 and 22.38 percent year on year
respectively. Meanwhile, their average net profits, earnings per share
and return on net equity stood at 32.92 million yuan, 0.31 yuan and 8.11
percent respectively.
(For more biz stories, please visit Industry Updates)
Most Popular Stories in 48 Hours
� Baidu's Li smells fortune in mobile phone users
� Shanghai Auto turns around
� DVD royalty agreement signed
� Central bank raises lending rate
� American way of life
Today's Top News
� President ends African tour by drumming for dancers
� Housing fund ups mortgage rates
� Militants warn Chinese oil companies
� Q1 urban unemployment rate at 4.2 pct
� Pay rises by 16% for State sector workers
Top Biz News
� China's state pension fund permitted to invest overseas
� Lower Q1 NPL ratio for major banks
� Housing mortgage loan rates raised
� China builds railway corridor in rust belt region
� Pay rises by 16% for State sector workers
Chinese language
