Fu Chenghao/Shanghai Daily news

Uncertainty over state-share reform pulled Shanghai share prices down yesterday, the fourth consecutive day of losses.
The shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, fell 0.69 percent to 1,151.98 on turnover of 8.58 billion yuan (US$1.06 billion).
The a-share Index dropped 0.69 percent to 1,210.29 while the B-share Index eased 0.28 percent to 66.95.
Companies should be given more time to prepare for the state-share sale program, an official at the country's state asset regulator was quoted by the China Securities Journal as saying. He referred to hasty practices in some places where state firms were asked to finish reform under certain timetables.
Separately, the asset supervisor is encouraging a more diversified compensation package rather than only offering free shares. To ensure state shareholders can preserve holdings, companies can also offer warrants, cash or commit to dividends, the Shanghai Securities News reported.
China yangtze Power Co, which owns the world's largest hydropower project, fell 0.93 percent to 7.46 yuan while Shanghai Pudong Development Bank Co was down 1.21 percent to 8.17 yuan.
Baoshan iron & Steel Co closed trading at 4.31 yuan, down 0.23 percent. The steelmaker's warrants plummeted 8.01 percent to 1.103 yuan, which analysts said was on the way back to a rational level.