Shanghai Daily news

Shanghai shares dived to a fresh eight-year low yesterday after Tsinghua Tongfang Co said its proposal to dispose of government holdings won approval from China's state assets watchdog.
The news fanned concern the government may speed up the pilot share sale program, which could lead to a supply glut and dilute value of existing shares.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, eased 0.24 percent to 1,013.64, its lowest level since February 24, 1997, when it sank to 1,009.56. The A-share Index lost 0.24 percent to 1,063.96 while the B-share Index added 0.04 percent to 63.70.
Computer services provider Tsinghua Tongfang was the first among the four firms to receive the green light from the country's state asset regulator in the trial sales of nontradable shares.
The company pledged to distribute to investors 10 shares for every 10 held in exchange for the right to make non-traded stakes tradable. The plan must gain approval of two-thirds of the owners of tradable shares at a shareholders' meeting next Friday.
China Petroleum & Chemical Corp, Asia's largest oil refiner, slumped 1.48 percent to 3.32 yuan (40 US cents). Baoshan Iron & Steel Co, the listed unit of China's biggest steelmaker, lost 1.07 percent to 4.61 yuan.