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1992年5月,《股份公司规范意见》及13个配套文件出台,明确规定在我国证券市场,国家股、法人股、公众股、外资股四种股权形式并存。1992年7月,STAQ市场获准开通;1993年4月,NET市场获准开通,个人可参与交易。这两个市场在1999年被勒令关闭。1999年10月,管理层实施“国有股配售”政策,采用“净资产之上、十倍市盈率之下”的方案。中国嘉陵和黔轮胎首尝国有股向二级市场投资者配售
In May 1992, “Standard Opinions of Stock Companies” and 13 supporting documents were promulgated, clearly stipulating the coexistence of four types of shareholdings in the stock market, state shares, legal person shares, public shares and foreign shares. July 1992, STAQ market allowed to open; April 1993, NET market allowed to open, individuals can participate in the transaction. Both markets were ordered to close in 1999. In October 1999, the management implemented the “placement of state-owned shares” policy and adopted the plan of “above the net asset value and under the ten-fold price-earnings ratio.” China Jialing and Guizhou Tire first taste of state-owned shares to the secondary market investors placing