Lock-up shares worth 34.5 bln yuan to become tradable
Xinhua, May 8, 2016 Adjust font size:
Lock-up shares worth 34.5 billion yuan (5.3 billion U.S. dollars) will become eligible for trade on China's stock market this week, double the amount of last week.
More than 2.1 billion shares from 44 companies will become tradable on the Shanghai and Shenzhen stock exchanges from May 9 to May 13, according to brokerage Southwest Securities.
More new tradable shares means greater downward pressure on the market, which is still sensitive following slumps last year and early this year.
Cofco Tunhe Co. Ltd., a leading farm produce processor, will see the unlocking of 529 million non-tradable shares worth about 5.7 billion yuan on Monday, 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