Analysis of the Impact of Restricted Share Unlocking on January 15, 2026

According to Wind data, in Q1 2026, a total of

will face restricted share unlocking, with a total unlocked share volume of approximately . Calculated based on the closing price on January 8, the [1][2]. Compared with the same period in 2025, it has slightly declined, but the volume is still substantial, posing a certain test to market liquidity.

is the primary unlocking target on January 15:

Item	Data
Unlocking Date	January 15, 2026
Type of Unlocked Shares	Restricted Shares of Original IPO Shareholders
Unlocked Share Volume	76.2838 million shares
Percentage of Total Share Capital	63.25%
Unlocking Market Value	Approximately RMB 11.087 billion
Unlocking Shareholders	Controlling shareholder, actual controller Huang Zhiqiang, and shareholders with a shareholding ratio of over 5%[3][4]

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[3][4]:

“Huang Zhiqiang, Bluetrum Management, Bluetrum Technology, and Chuangyuan Century voluntarily commit: within

12 months

from the date when the share restriction period expires (January 15, 2026 to January 14, 2027), they will not transfer or reduce their holdings of the company’s shares before the initial public offering in any way.”

This commitment effectively alleviates the market’s concerns about share reductions,

.

Bluetrum has outstanding fundamentals[3]:

• 2025 Expected Operating Revenue
  : RMB 1.83-1.85 billion, a year-on-year increase of 0.60%-1.70%
• 2025 Expected Net Profit
  : RMB 1.40-1.43 billion, a year-on-year surge of
  366.51%-376.51%
• The performance growth mainly benefits from the fair value changes obtained from investments in Moore Threads and Muxi Semiconductor

From the performance of the U.S. stock market (which indirectly affects A-share sentiment)[0]:

• On January 13-14, the three major U.S. stock indices generally fell, with the Nasdaq Composite Index recording the largest decline (-0.39%)
• Market sentiment is cautious, but the magnitude is limited

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The unlocking in Q1 2026 presents three major characteristics[1][2]:

Characteristic	Specific Performance
Significant Differentiation in Volume	9 companies have unlocked shares exceeding 1 billion shares, with obvious concentration among leading companies
Concentration of High-Proportion Unlocking	47 companies have an unlocking ratio exceeding 50%, and 10 have a ratio exceeding 70%
High Proportion of Original IPO Shareholders	More than 120 companies have restricted share unlocking for original IPO shareholders, accounting for nearly half of the total

Rank	Company	Unlocked Share Volume	Unlocking Date	Corresponding Market Value
1	Postal Savings Bank of China	5.41 billion shares	March	Approximately RMB 29 billion
2	Cinda Securities	2.55 billion shares	February	Approximately RMB 45 billion
3	Guangdong Construction Engineering Group	2.19 billion shares	-	Approximately RMB 8 billion

Rank	Company	Unlocking Ratio	Unlocking Type
1	Honghai Technology	79.44%	Restricted Shares of Original IPO Shareholders
2	Cinda Securities	78.67%	Restricted Shares of Original IPO Shareholders
3	Wandekai	74.60%	Restricted Shares of Original IPO Shareholders

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—— Reasons are as follows:

1. Limited Share Sale Pressure
   : Bluetrum’s shareholders have promised not to reduce holdings for 12 months, so the actual share sale pressure is small
2. Supported by Expected Performance Growth
   : The company’s 2025 net profit is expected to increase by over 366%, with solid fundamentals
3. Market Has Already Priced It In
   : The unlocking information has been fully disclosed, and the expectation has been digested by the market

Industry experts point out[1][5]:

“Unlocking does not equal share sales. Unlocking only means that the trading restrictions on restricted shares are lifted, and the share nature is converted to tradable. In the short term, if unlocked shares are sold off in a concentrated manner, it may cause a phased decline in the company’s stock price; but in the long term, the stock price trend is still determined by the company’s fundamentals.”

Investors need to pay attention to the following risks:

• After the Commitment Period Expires
  : After the 12-month commitment period (until January 14, 2027) expires, there may be pressure from share sales
• Market Sentiment Fluctuations
  : If the overall market weakens, the unlocking event may be over-interpreted
• Risk of Performance Fluctuations
  : The company’s high performance growth mainly comes from fair value changes, so the sustainability of its main business needs attention

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Indicator	Data
Number of Companies with Unlocking	23
Total Unlocking Market Value	RMB 48.556 billion
Companies with Unlocking Market Value Over RMB 4 Billion	6

:

Company	Unlocking Market Value	Unlocking Ratio	Remarks
Bluetrum	RMB 11.087 billion	63.25%	Shareholders promised no share sales for 12 months
Tianxin Pharmaceutical	RMB 7.841 billion	66.41%	Restricted Shares of Original IPO Shareholders
Rongfa Nuclear Power	-	-	Over RMB 4 billion
Sepax Technologies	-	61.40%	-

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1. The impact of the January 15 unlocking is generally controllable
   : As the main unlocking target, Bluetrum’s shareholders have promised not to reduce holdings for a long period, so the actual impact is limited
2. Unlocking pressure remains in Q1
   : The RMB 740 billion unlocking market value needs continuous attention, but the overall scale has declined compared with the same period in 2025
3. Obvious Structural Differentiation
   : Focus should be on companies with high unlocking ratios, no shareholder commitments, and weak fundamentals

• For Bluetrum
  : There is no need to overly worry about share sale pressure in the short term; investors can pay attention to allocation opportunities after a pullback combined with the expected performance growth
• For the Overall Market
  : Focus on companies with high unlocking ratios in Q1, and avoid targets with poor fundamentals and high unlocking ratios
• Continuous Tracking
  : Monitor share sale dynamics during the commitment period and the fulfillment of performance expectations

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[1] China Times Network - Unlocking Wave Hits in Q1 2026

[2] Sina Finance - Unlocking Wave Hits in Q1 2026

[3] The Paper - Unlocking Market Value Drops to RMB 42.4 Billion Next Week

[4] Securities Times Network - 6 Stocks with High Unlocking Market Value Next Week

[5] Beijing Business Today - Restricted Shares of 37 Companies with a Total Market Value of Over RMB 160 Billion Unlock This Week

[0] Jinling API Market Data