New PT Firm on Shanghai BourseThe Xinjiang Baihuacun Company Limited, which has run at a loss for three consecutive years, was suspended from the stock market in this east China metropolis Monday, becoming the 10th PT firm on the bourse.According to the Shanghai Stock Exchange, PT (Particular Transfer) firms are those that have reported losses for three consecutive years and have been suspended by the bourses. The trading of such stocks can only be conducted on Fridays. If this company decides not to apply for a grace period from the bourse, or doesn't apply for a grace period within 45 days after being suspended, or its application fails to be affirmed, it will be delisted forever from the bourse, Shanghai Stock Exchange said. PT Shuixian (Narcissus), for instance, has been ordered to stop trading on the bourse, thus becoming the first delisted company since the establishment of the Chinese securities market. Based on the annual reports from hundreds of listed companies, sources with Shanghai Stock Exchange says Monday that more than 93 percent of the companies on the Shanghai bourse have made profits in the previous year. According to preliminary statistics, the average major business income for the 601 listed companies reached 1059 million yuan ( about 127.6 million US dollars), up 23.05 percent over 1999, and the average net profit hit 83.5 million yuan, up 20 percent. |
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