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Lock-up shares worth 17.2 bln yuan to become tradable

Xinhua, May 2, 2016 Adjust font size:

Lock-up shares worth about 17.2 billion yuan (2.66 billion U.S. dollars) will become eligible for trade on China's stock market this week.

More than 1.52 billion shares from 36 companies will become tradable on the Shanghai and Shenzhen stock exchanges from May 3 to May 6, according to brokerage Southwest Securities.

China's stock markets will have only four trading days this week, starting on Tuesday. The markets are closed Monday for the Labor Day holiday.

The value is much lower than 81.6 billion yuan and 28.9 billion yuan worth of shares made available in the previous two weeks. Less new tradable shares means lower downward pressure on the market, which is still sensitive following slumps last year and early this year.

Weichai Power Co. Ltd., a leading Chinese diesel engine maker, will see the unlocking of 883 million non-tradable shares worth about 71 billion yuan on Tuesday, the largest group of shares to hit the market during the week.

Under China's market rules, major shareholders of non-tradable stocks are subject to one or two years of lock-up before their shares are permitted to trade. Endi