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]