According to Wind data, during the week of January 5th to 9th, a total of 37 A-share companies will see their restricted shares become eligible for trading, with the combined lifted market value exceeding 160 billion yuan. January 5th has the highest number of individual stocks facing lifting restrictions, reaching 13, with a total lifted market value surpassing 44 billion yuan. In terms of the lifted market value for single stocks, BIOKIN (百利天恒) ranks first with an approximate lifted value of 96.319 billion yuan. Additionally, Guolian Minsheng (国联民生) and Jianshe Industry (建设工业) also have lifted market values exceeding 10 billion yuan each. Looking at the overall lifting situation, the 37 stocks facing restrictions lift from January 5th to 9th have a combined market value of approximately 162.473 billion yuan. Regarding the timing, January 5th alone will see 13 stocks, including Guolian Minsheng, Jianshe Industry, CloudWalk Technology (云从科技), and Fenghuo Electronics (烽火电子), have their restricted shares become tradable, totaling a market value of about 44.482 billion yuan. From January 6th to 9th, there will be 8, 9, 6, and 1 stock(s) facing lifting restrictions, respectively. Examining the scale per individual stock, 16 stocks have a lifted market value exceeding 1 billion yuan. Among them, BIOKIN (百利天恒) has the highest lifted market value. Its restricted shares will become tradable on January 6th, with an approximate market value of 96.319 billion yuan. The shares being lifted are pre-IPO shares restricted for original shareholders. The shareholder involved is the company's controlling shareholder and actual controller, Zhu Yi, and the number of shares being lifted accounts for 72.2% of the total share capital. However, BIOKIN disclosed an announcement on December 26, 2025, stating that the company recently received a "Letter of Commitment Regarding Not Reducing Holdings of Company Shares" from Zhu Yi. Specifically, based on confidence in the company's future development and recognition of its long-term investment value, and to promote the company's sustained, stable, and healthy development, Zhu Yi voluntarily committed that for 12 months starting from the date the lock-up period expires on January 6th, he will not transfer or reduce his holdings of the company's shares issued before the initial public offering in any manner. Any additional shares obtained during the commitment period due to reasons such as bonus issues, capital reserve conversions, or rights issues will also be subject to the above commitment. The stock with the second-highest lifted market value after BIOKIN is Guolian Minsheng (国联民生), at approximately 18.008 billion yuan. Ranking third is Jianshe Industry (建设工业), which will see its restrictions lift on January 5th with a market value of about 16.895 billion yuan. Only these three stocks have lifted market values exceeding 10 billion yuan. Furthermore, two stocks have lifting scales between 3 and 4 billion yuan: AVIC Shenfei (中航沈飞) and Aiko Energy (爱旭股份), with lifted market values of approximately 4.38 billion yuan and 3.044 billion yuan, respectively. The types of shares being lifted for both are institutional placement shares from private placements. Eleven stocks, including Zhongyi Technology (中亦科技), Tianhe Magnetic Material (天和磁材), and Dun'an Environment (盾安环境), have lifting scales between 1 and 3 billion yuan, while the remaining stocks have lifting scales below 1 billion yuan. In terms of the number of shares lifted per individual stock, Guolian Minsheng (国联民生) ranks first, with approximately 1.771 billion shares being freed. Jianshe Industry (建设工业) comes in second, with about 630 million shares lifted. BIOKIN (百利天恒) holds the third position, with around 298 million shares becoming tradable. Apart from these, the number of shares lifted for Xinwufeng (新五丰), Aiko Energy (爱旭股份), CloudWalk Technology (云从科技), *ST Huawang (*ST花王), Dun'an Environment (盾安环境), and Fenghuo Electronics (烽火电子) also exceeds 100 million shares, at approximately 233 million, 227 million, 205 million, 186 million, 139 million, and 114 million shares, respectively. After review, the types of restricted shares being lifted for the aforementioned 37 stocks involve pre-IPO shares restricted for original shareholders, institutional placement shares from private placements, restricted shares from equity incentive plans, institutional placement shares from IPOs, restricted shares from股权分置改革 (share structure reform), general shares from equity incentive plans, strategic placement shares from IPOs, and other types. "In the short term, if the lifted shares are sold off intensively, it could lead to a phased decline in the company's stock price. However, in the long run, the stock price trend is still determined by the company's fundamentals. If the company's performance continues to grow and the industry outlook is positive, the increased liquidity from the lifting might instead attract incremental funds, pushing the stock price higher. If the company's performance declines or there are governance issues, the lifting could amplify negative sentiment, accelerating the stock price's return to a reasonable valuation," Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, commented. He added that there is no inevitable equivalence between the scale of lifting restrictions and the scale of actual减持 (reduction in holdings); the two are essentially the difference between "release of rights" and "actual action." Lifting restrictions only means the restricted shares have gained tradable资格 (qualification). Whether shareholders reduce their holdings depends on a comprehensive judgment of their funding needs, market conditions, and the company's valuation. Furthermore, regulatory rules constraining the比例 (ratio) of reductions and information disclosure also restrict the occurrence of large-scale减持 (selling).