Eight more firms announced on Monday to float shares previously barred from trading on the stock markets.

To date, about 83 percent of Chinese firms listed domestically, numbered 1,119, have completed or are carrying out state-shareholding reform.

That figure indicates the country's one-year-long state-shareholding reform is drawing to an end as less than 20 percent of the listed firms have yet to join reform.

The reform, also known as split share structure reform, plus legislative reforms for listed firms and corporate governance, are part of the measures the government has taken in the past year to revive the capital market to improve its financial security.

The split share structure refers to the existence of both tradable shares and non-tradable shares owned by the state.

To make all their shares tradable, listed companies undergoing reform have to offer additional shares or funds to private investors as compensation for potential losses in the value of their portfolios when the publicly-owned shares hit the market.

The eight companies engage in forestry, science and technology, pharmaceutics, textile, home appliances, aviation and other industries. Only two of the eight publicized their reform plans, agreeing to give 2.4 shares per 10 shares to investors as compensation.

The reform has been viewed by the regulator and investors as vital for the capital market to function as an open and fair market for both majority and minority public shareholders.

Source: Xinhua