Consultation on issues related to the pledge of state-owned shares

200 1 The Ministry of Finance issued the Notice on Issues Concerning the Pledge of State-owned Shares of Listed Companies, in which Article 4 clearly stipulates that "the number of state-owned shares pledged by authorized representative units of state-owned shareholders shall not exceed 50% of the total number of state-owned shares held by them." In other words, the proportion of shares of listed companies pledged by state-owned enterprises shall not exceed 5020 14. The Notice on Promoting the Circulation of State-owned Property Rights of Enterprises (document No.20 1495 of SASAC) is only about the time when state-owned enterprises pledge their listed shares, and does not mention the pledge ratio. So, the notice was sent at 200 1, and it is now. How to define "authorized representative unit of state-owned shareholders"? Does it mean all state-owned enterprises? Is it applicable to state-owned enterprises under the jurisdiction of SASAC at all levels? Solution: The Notice on Issues Concerning the Pledge of State-owned Shares of Listed Companies (Caiqi (200 1) No.651) is still valid at present, and the "Authorized Representative Unit of State-owned Shareholders" is applicable to enterprises at all levels and their subsidiaries at all levels funded by SASAC.