Abstract: Considering the steady development of securities market and the equity in the process of social resources reallocation, this article, starting from market mechanism, there are three respects core problems of state-owned stock reduction:pricing of state-owned shares、operational mechanism of state-owned stock sell-off、speed of state-owned stock sell-off. This paper puts forward the tactic of state-held shares rationing through floating pricing. On one hand, this article explores the operation practicability of state-owned stock sell-off and circulation; on the other hand, this article raises the relevant proposals on the state-held shares circulation.