Fu Chenghao/Shanghai Daily news 

Shanghai stocks closed higher yesterday as companies in state-share sale programs have offered more compensation to minority shareholders than the pilot firms.
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, rose 0.84 percent to 1,217.26. The A-share Index added 0.84 percent to 1,279.23 while the B-share Index gained 0.35 percent to 68.94.
Forty companies received regulatory approval to unveil their compensation plans starting on Monday. According to company statements, they offered an average 3.03 shares for every 10 held to compensate minority shareholders. It compares with 2.95 for every 10 held for the 42 companies in the second-phase trial program.
"Market sentiment improved with the more attractive packages," said Wei Wei, a West China Securities Co trader. "But it still needs more incentives and fresh money if the index wants to stay above the key 1,200-point level or test 1,300."
Waigaoqiao Free Trade Zone Development Co announced yesterday it sold 20 million non-tradable shares in Shanghai Pudong Development Bank Co for 4.35 yuan per share to Yunnan International Trust & Investment Co. The price is a 20 percent premium to the bank's net asset value of 3.613 yuan a share and a 50 percent discount to the company's tradable shares.
The Pudong bank shares rose 2.43 percent to close at 8.85 yuan.