Lock-up shares to become tradable

F.P. Report

BEIJING: Lock-up shares worth about 62.9 billion yuan (around 9.2 billion US dollars) will become eligible for trade on China’s bourses next week.

From Feb. 20 to 24, more than 3.42 billion shares will become tradable on the Shanghai and Shenzhen bourses, according to data from financial information provider Wind.

Under China’s stock market rules, major shareholders must wait for one to two years before they are permitted to sell their shares.

The aggregate market value of these shares is calculated with their closing prices on Feb. 17, the previous trading day.

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.77 percent to 3,224.02 points. The Shenzhen Component Index closed 1.61 percent lower at 11,715.77 points.(APP)