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They offer none of the privileges, or risks, of normal shares: they do not appreciate, are not traded on an exchange and produce no dividends.
These are not subject to the same registration and disclosure rules as normal shares, but can be sold only to sophisticated institutions, up to a maximum of 499 investors per issuer.
In order to avoid depressing prices further, the CSRC and two-thirds of the public, minority shareholders will in each instance have to approve the conversion of non-tradable into normal shares.
Investors such as the Wallenbergs were able to control vast segments of Swedish business with relatively small ownership stakes because of the system of so-called golden shares, which could enjoy as much as 1,000 times the voting rights of normal shares.But the Swedish model was also a bit of an old boys' club, with little room for entrepreneurship or for outsiders.
Normal shares are taxed under the 15percentt capital gains rate if they're held for longer than a year.
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In Britain, the normal share of spoiled ballot papers is less than 1%.
Meanwhile, normal share-trading volumes are falling at most European stock exchanges.
But if the auto industry were taking its normal share this year, that would mean additional spending of about $80 billion.
In Britain, the normal share of spoiled ballot papers in a general election is less than 1%.
Bankia's shares were suspended "due to circumstances that may affect the normal share trading," the Spanish market regulator, C.N.M.V., said.
In a draft of the bill in the Senate Finance Committee, the federal government would pick up the extra costs for perhaps five years, but states would eventually have to pay their normal share.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com