Beijing stock exchange tells 'major shareholders' to refrain from selling -sources

The sign of Beijing Stock Exchange is seen at its entrance - Reuters

SHANGHAI/BEIJING: The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three people familiar with the matter said.

A "major shareholder" is one with a stake of 5% or more, and to sell shares in a company they own, they need to make a public filing with the relevant stock exchange, according to rules for the country's bourses.