Zhang Liuhao/Shanghai Daily news

Shares in Shanghai slipped yesterday for the fifth consecutive day as investors expressed dissatisfaction with the compensation plans of large-cap companies under a program to reform the nation's share structure.
The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, slipped 0.79 percent to 1,047.28. The A-share Index withdrew 0.78 percent to 1,099.83, and the B-share Index tumbled 1.64 percent to close at 62.98.
China Yangtze Power Co, which runs the Three Gorges Dam, unveiled its compensation package to minority shareholders yesterday.
"Although Yangtze Power's compensation offer was better than what was previously talked about in the market, tradable share owners still don't think the offer can cover the cost they spent to hold the company's equities," said Wei Wei, an analyst with West China Securities Co Ltd.
Baoshan Iron and Steel Co revealed its compensation plan last week. The firm and Yangtze Power are the two biggest stocks by capitalization under the second round, which has 42 listed firms.
"Investors think they may fail to get adequate compensation from the nontradable shareholders, according to the two big firms' offers. Then, they dumped their shares, expecting more reasonable plans," Wei added.
Shanghai Automotive Co, the country's largest carmaker, dropped 1.62 percent to 4.25 yuan (51 US cents).