Fu Chenghao/Shanghai Daily news

Shanghai indexes finished higher yesterday following news that several companies had received approval for their share reform plans.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, climbed 1.39 percent to 1,104.04. The A-share Index added 1.37 percent to 1,160.46, while the B-share Index gained 3.41 percent to 61.45.
In total, eight companies announced that their minority shareholders had approved their compensation proposals to trim state ownership, according to separate corporate filings to the Shanghai Stock Exchange.
"In some degree, so many firms got approved in one day. Such a high supportive rate revives market confidence," said Lin Xuenong, a Huaxia Securities Co trader.
So far, 14 out of a second batch of 42 pilot companies have put their plans to a shareholder vote. All gained the support of more than two-thirds of their shareholders.
According to their statements, these companies will distribute an average of 3.36 shares to investors for every 10 shares held.
In May, China revived a program to ultimately dispose of US$230 billion of state-owned non-tradable shares. The move is meant to plug a shortfall in pension funds and boost corporate governance.