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An official with the ministry's exam center said any interference in the national exam would be dealt with seriously.

Analysts said the stake sale of Gree Electric is part of the country's push to pare down government ownership in highly competitive industries such as home appliances.

And it is a pretext, as freedom of navigation in the South China Sea has never been a problem. Hundreds of thousands of commercial ships pass through the strategic waterway each year transporting an estimated trillion worth of goods. Not a single one has found its freedom of navigation compromised.

Analysts said the development is a sign that the nation's securities regulator is committed to tight supervision of underperforming listed companies and to strict implementation of delisting rules.

Analysts believe that major automakers have launched their electric vehicles because of new auto emission reduction rules among European Union countries. An agreement was reached in December last year that aims to reduce the carbon dioxide emissions of new cars in the EU 37.5 percent by 2030, compared with 2021.