Major shareholders pledge not to dump Chinext shares this year

The main shareholders of 32 Chinese firms listed on Chinext, a Nasdaq-style board focused on small-cap firms, will extend their share lock-up period, in an apparent gesture to support domestic stock markets which have sagged on concerns of slower economic growth.

The extension of the share lock-up period to the end of this year encompasses 2.78 billion shares worth a combined 38.44 billion yuan (US$6.1 billion) and was in accordance with guidance from regulators to help stabilise the market, state media said.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1048435/major-shareholders-pledge-not-dump-chinext-shares