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Untraded shares

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Title: Untraded shares  
Author: World Heritage Encyclopedia
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Subject: Stock Exchange Executive Council, China Securities Regulatory Commission
Collection: Finance in China, Stock Market
Publisher: World Heritage Encyclopedia

Untraded shares

Untraded shares (Chinese: 非流通股份) or (Chinese: 大小非) refer to the shares of listed companies that are not allowed to be released by some of the investors within the lockup period. Since the split-share structure reform (Chinese: 股权分置改革) was launched by the State Council of the People's Republic of China in 2005, some of the investors were not allowed to release their shares of the listed state-owned enterprises until the lockup period expired, so as to sustain the overall stock market.[1][2] After the lockup period expires, the investors can choose to sell the shares and this may cause negative impacts to stock market from the selling pressure.[3][4]

See also


  1. ^ Guidance Notes on the Split Share Structure Reform of Listed Companies
  2. ^ Split-share structure reform pilot started in 2005
  3. ^ Asian Stocks Drop for Second Day on Profit Concern; Rio Falls
  4. ^ China stocks fall on supply, earnings fears
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