CN-Listed Companies

Sales are announced before they happen

Chinese rules on directors and senior managers concentrate on the sell side. The China Securities Regulatory Commission (CSRC) published its revised rules on shares held by directors, supervisors and senior management of listed companies on 24 May 2024, alongside new interim measures on share reductions by shareholders. An insider who plans to sell through centralised bidding or a block trade must report the plan to the stock exchange and disclose it 15 trading days before the first sale.

The plan gives the number of shares, their source, the time window, the method, the price range and the reason for selling. Once it is completed, or its window expires, the insider reports to the exchange and the company publishes an announcement within two trading days.

Two trading days for every change

Any change in a director's or senior manager's holding is reported to the company within two trading days and announced through the company on the website of the Shanghai or Shenzhen Stock Exchange. The announcement shows the holding before the change, the date, quantity and price of the change, and the holding after it.

An annual cap and closed windows

During their term, directors and senior managers may transfer no more than 25% of their shares in the company each year through bidding, block trades or negotiated transfers. Holdings of 1,000 shares or fewer can be sold in one go. Dealing is barred in the 15 days before annual and half-year reports, and in the 5 days before quarterly reports, earnings forecasts and preliminary results.

The 2024 text still covered supervisors. Since the revised Company Law, the CSRC's Order No. 227 of 27 March 2025 cites the rule under a title limited to directors and senior management.

Reading the Chinese data here

China is one market on this site, fed by two exchanges, Shanghai and Shenzhen, under the CSRC. The data comes from a public aggregated feed of executive holding changes (Eastmoney) and is classed per-trade, one record per reported change. That feed often lacks a unit price, so some records show a share count without an amount. The original job title stays visible on each insider page next to its normalised role bucket, and amounts are converted from yuan to euros to compare with other markets.