Legal analysis: Under normal circumstances, the original shares can be circulated in about one year after the company is listed. As soon as the company goes public, the original shares will become "restricted shares", and then according to the share held by the holders, the length of the restricted sale of the original shares is different. For natural person shareholders, if the proportion of shares held is less than 5%, there is a one-year lock-up period, which is called "small non-"; If the proportion of shares held is more than 5%, it is called "Dafa", and there is also a one-year lock-up period. In addition, the shares that cannot exceed 5% of the company's share capital are sold within 12 months after the lock-up period expires; Sell no more than 1% of the company's share capital within 24 months after the lock-up period expires.

Legal basis: Article 63 of the Securities Law of the People's Republic of China. When an investor holds or shares with others * * * of a listed company with voting rights of 5% through securities trading in a stock exchange, he shall, within three days from the date of this fact, make a written report to the the State Council securities regulatory authority and the stock exchange, notify the listed company and make an announcement. After an investor holds or shares with others * * * of the issued voting shares of a listed company by agreement or other arrangements to reach 5%, he shall report and make an announcement in accordance with the provisions of the preceding paragraph for every 5% increase or decrease in the proportion of the issued voting shares of the listed company, and shall not buy or sell the shares of the listed company within three days from the date of this fact, except as stipulated by the the State Council Securities Regulatory Authority. After an investor holds or holds 5% of the issued voting shares of a listed company with others through an agreement or other arrangements, it shall notify the listed company of any increase or decrease of 1% in the proportion of the issued voting shares of the listed company, and make a public announcement. Whoever buys the voting shares of a listed company in violation of the provisions of the first and second paragraphs shall not exercise the voting rights for the shares exceeding the prescribed proportion within 36 months after the purchase.