Ningbo Shanshan (SHA:600884) said a sequential freeze on 287 million shares held by its controlling shareholder, Shanshan Group, has been lifted.

This represents 12.8% of Shanshan Group's total share capital, according to a Friday filing with the Shanghai bourse.

The release was initiated by court-appointed administrators overseeing the reorganization of the parent company and a subsidiary under China's Enterprise Bankruptcy Law.

Shares of the battery materials manufacturer were down 4% in recent trade.