On 13 October the Ministry of Finance, the State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission and the National Council for Social Security Fund jointly issued the Exemption of State-owned Venture Capital Institutions and State-owned Venture Capital Guiding Funds from the Obligation to Transfer Holdings of State-owned Shares Notice. The Notice relates to the identity of parties that may apply for exemption from the obligation to transfer shares, and the application procedure that should be followed.
On 19 June 2009, the same four agencies jointly issued the Domestic Chinese Stock Market Partial Transfer of State-owned Shares to Replenish the National Social Security Fund Implementing Measures.
These Implementing Measures state that following the completion of equity division reform, if a limited liability company with state-owned shares launches an IPO and seeks a listing on a domestic Chinese stock market, unless otherwise provided by the State Council, it is required to transfer 10% of the amount of the shares issued during the IPO to the National Council for Social Security Fund. If the number of shares held by state-owned shareholders is less than the number of shares to be transferred, the state-owned shareholders should transfer their actual shareholding.