Lock-up shares worth ¥37.7bn eligible for trade

Lock-up shares worth 37.7 billion yuan (6.16 billion U.S. dollars) will become eligible for trading this week, according to data from bourses. The volume marks a notable increase from the 18.1 billion yuan seen from Sept. 9 to 13. Altogether, 19 listed companies on the Shanghai and Shenzhen stock exchanges will see their lock-up shares released to the capital market after the lock-up agreements expire. 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 trade the shares. Ping An Bank Co. Ltd and Luxshare Precision Industry Co. Ltd will each see non-tradable shares worth more than 8 billion yuan eligible for trade this week. China's stock market soared last week, with the benchmark Shanghai Composite Index closing up 4.5 percent for the week. The bank, securities and insurance shares all rallied after Chinese Premier Li Keqiang said at the Summer Davos Forum that China will provide greater space for financial institutions of various ownerships to develop their businesses.