Fewer lock-up shares eligible for trade next week

BEIJING — Lock-up shares worth about 40.5 billion yuan ($6 billion) will become eligible for trading on the Shanghai and Shenzhen stock exchanges in the coming week.

The amount is 55.1 percent less than last week, according to data compiled by Chongqing-based Southwest Securities.

Lock-up shares from 24 listed companies will become tradable from August 7 to 11, it said.

The peak share-unlocking period will fall on Tuesday, with shares from seven companies worth 24.6 billion yuan to become tradable on a single trading day.

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

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.33 percent to close at 3,262.08 points and the smaller Shenzhen Component Index closing 0.72 percent lower at 10,361.23 points.