SHANGHAI Dazhong Taxi will press ahead with a controversial plan to convert legal-person shares into B shares, despite strong opposition from Beijing.
Company director Wang Zhenguo said in Shanghai that ''as long as the proposal becomes a reality, we are willing to accept any punishment''.
He said the strong criticism from the China Securities Regulatory Commission (CSRC) came as a surprise to both him and Shanghai's securities sector.
Dazhong Taxi, Shanghai's second biggest taxi operator, has been accused by the commission of having ''touched on the issue of national or state property flowing into the hands of foreign investors''.
It said the company had the right to bring the topic up for study, but to do it the firm needed the regulator's approval first.
''The proposal has been put forward and its resolution passed during a directors' meeting, which we emphasised needs to go before authorities concerned and shareholders,'' Mr Wang said.