Business owners and major shareholders are selling down their stakes in listed c...
SHANGHAI - Business owners and major shareholders are selling down their stakes in listed companies, producing a glut of shares in a market already under pressure from a slowing economy and the impact of the Sino-U.S. trade dispute.
The new supply comes as the three-year mandatory lock-in after an initial listing expires for scores of companies that had initial public offerings in 2016 and 2017, freeing promoters to reduce their holdings. That’s just short of the 270 billion yuan foreign investors have spent so far this year purchasing shares via the Stock Connect scheme, the main channel for foreign investors participating in the country’s 55 trillion yuan equity market.The increase in selldowns is due to the huge number of IPOs three years ago, right after a four-month ban on new stock market listings China imposed in order to stem a chaotic slide during the market crash in 2015.
The lifting of the three-year lock-up period is expected to bring the A-share market under increasing pressure as more stock hits the market.
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