On 13 May 2022, CHI CSRC imposed a penalty for illegal reduction of shares.
- CHI CSRC issued a notice of administrative penalty to Shanghai Yingyi, for illegally reducing its shareholding in WuXi AppTec, in violation of the Securities law.
Reduction in Shareholding
- Article 36 of the Securities law specifically regulates the reduction of shareholdings, re holding period, selling time, selling quantity, selling method, information disclosure.
- If a major shareholder expects to reduce their shareholdings, they shall disclose their shareholding reduction plans in advance, 15 trading days before the first sale.
