When a stock is listed, some shareholders will be restricted from selling their shares. This is done to maintain the stability of the stock price and give the company control over the stock. This part of the restricted stock is generally held by the company's employees.

The general restriction period is one to three years, depending on the company's situation. After the period, this part of the stock can be listed and circulated. This time is called the lifting of the restricted stock. The lifting of the restricted stock will mean that there are a large number of shareholdings.

People may want to sell stocks, the power of short parties will increase, and the stocks originally held may depreciate. In the short term, it should be negative, but it also depends on the situation. The big problem: that is, after the share reform, a larger proportion of the shares before the share reform will be lost.

Non-tradable shares. Those with sales-restricted tradable shares accounting for more than 5% of the total share capital can be circulated more than two years after the share reform.

If the proportion is less than 5%, it can be circulated one year after the shareholding reform. It seems that there are not many opinions on this. It may be understood that after the shareholding reform, the proportion of non-tradable shares before the shareholding reform is between the large non-tradable shares and the small non-tradable shares. Regarding the shareholding

There is no clear determination of the share ratio and the sales restriction time. It is just a popular saying in the industry.

The listing and circulation of restricted stocks will mean that a large number of stockholders may sell their stocks, the power of short parties will increase, and the stocks originally held may depreciate, so be careful at this time. The largest "bookmaker" is neither public funds nor public funds.

Private equity funds are large and small shareholders who obtain non-tradable shares at a low cost, which are the so-called "big fei" and "small fei".

Among them, those who have the most say in the market are the controlling shareholders - they know the operating conditions of their own companies best. However, before the share reform, the shares of major shareholders and other legal person shareholders were not tradable, so they neither cared about the company's stock price nor had any idea.

Momentum to run listed companies well.

However, after last year's share reform, more and more "big stocks" and "small stocks" have been or are about to be released from circulation. Whether these major shareholders increase or decrease their holdings of the company's stocks can reflect to a considerable extent whether the company has investment value.

Original non-tradable shareholders who hold less than 5% of the total shares of a listed company can cash out without the restriction of announcement, and the majority of investors have no way of knowing the specific situation.

Therefore, listed companies with a low shareholding ratio of restricted shares, dispersed shareholders, and a large number of "small non-profits" who have no say in the matter are worthy of special vigilance.