Haitong Securities Co, China's second-largest brokerage by market value, will have 2.07 billion previously locked-up shares tradable on Monday, the company said in a statement filed to the Shanghai Stock Exchange.
The amount to be tradable is more than double the amount of Haitong's currently outstanding listed shares. The shares belong to 54 investors including China Minsheng Banking Corp and Fudan University, according to the statement. They hold 25 percent of Haitong's total stake.
The supply of additional Haitong shares will place more pressure on the company's stock, which has plunged 42 percent after the first batch of locked-up shares became tradable on Sunday. The stock closed 8 percent lower on Tuesday at 7.74 yuan (US$1.13) in Shanghai.
(Shanghai Daily December 25, 2008)
