CSRC issues guidelines on asset restructures ahead of listings

SHANGHAI (AFX-ASIA) - China Securities Regulatory Commission has issued  draft guidelines on asset restructures carried out before state enterprises  seek stock market listings, the Shanghai Securities News reported.      The guidelines, on which the commission is soliciting opinions from the  public, say that state enterprises must carry out full system transformations  before listing, and must adhere strictly to rules requiring full separation  from other companies, in terms of assets, staff and finances.      If companies carry out major asset transactions, particularly if these  involve a change of shareholder or a change of more than one third of the  company's staff, the firms may not apply for a listing until the completion  of one financial year.      The guidelines also require listed companies and their shareholders to  avoid direct competition with each other, and avoid making business  transactions with each other.			

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