Lock-up shares worth ¥19bn eligible for trade

Lock-up shares worth about 19.2 billion yuan (about 2.89 billion U.S. dollars) will become eligible for trade on the Shanghai and Shenzhen bourses in the coming week.

The value is higher than the previous week's 17 billion yuan, according to eastmoney.com, a financial information provider.

The lion's share of the new shares belongs to Anhui-based Shanying Paper Co., with more than 1.59 billion non-tradable shares worth 4.5 billion yuan to be unlocked on Monday.

Other listed firms that will see large quantities of lock-up shares turn tradable include Shandong Iron and Steel Group Co., a major steel producer, and aircraft maker Xi'An Aircraft International Corp.

Under China's market rules, major shareholders of non-tradable stocks are subject to one or two years of lock-up before they are permitted to sell these stocks.

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.19 percent, closing at 2,976.7 points.

Source : XINHUA