Locked-up Chinese shares worth $16 bn to become tradable

Beijing, Oct 11 (IANS) China’s stock market will see lock-up restrictions lifted on shares worth around 101 billion yuan ($16.48 billion) in the coming week.

About 10.13 billion shares in 24 companies will become tradable on the Shanghai and Shenzhen bourses from October 12, reported Xinhua.

Under China’s market rules, major shareholders of non-tradable stocks are subject to a one or two year lock-up period.

SPD Bank will see non-tradable shares worth around 59.32 billion yuan become tradable in Shanghai on October 14, the largest amount to hit the market next week.

Chinese shares closed higher on Friday, propped up by strong performance of securities brokerages.

The major Shanghai index has plummeted around 40 percent since its peak on June 12, and has lost all of its gains since the beginning of the year.

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