BoCom Says 478.6 Million Shares Become Tradable as Lockup Ends

Bank of Communications Ltd., China's fourth-biggest by value, said 478.6 million shares will become freely tradable on Nov. 17 after ending a lockup period.

The so-called lockup period for these shares will end Nov. 15, 18 months after they were issued, the Shanghai-based bank said today in a statement to the Hong Kong stock exchange.

BoCom, as the bank is also known, sold 957.1 million shares in May 2007 to strategic investors. Half of these had already become freely tradable in May after a 12-month lockup, it said.

BoCom fell 4.3 percent to close at HK$4.70 in Hong Kong today while its Shanghai-traded shares lost 3.7 percent to close at 4.96 yuan.

To contact the reporter on this story: Chia-Peck Wong in Hong Kong at cpwong@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net.

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