In-Depth Analysis of Strategies for Handling Lock-Up Expirations on January 15, 2026

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January 15, 2026 is a key time window for the A-share market, and the overlap of multiple financial events will have a combined impact on market liquidity and investment sentiment[1][2][3]. Core events on the day include:

, , (with a total market value of RMB 48.556 billion), and . These events are intertwined, and investors need to develop response strategies from multiple dimensions.

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According to the central bank’s announcement, on January 15, 2026, it will conduct a

through fixed-quantity, interest rate bidding, and multiple-price bidding methods, with a term of 6 months (181 days)[1][2]. This marks the 8th consecutive month that the central bank has injected medium-term liquidity into the market via outright reverse repos.

Indicator	Value
Operation Scale	RMB 90 billion
Term	6 months (181 days)
Maturity Scale	RMB 60 billion
Net Injection	RMB 30 billion
Month-over-Month Increase	+RMB 10 billion

Wang Qing, Chief Macro Analyst at Dongfang Jincheng, pointed out that the central bank’s operation sends three key signals[2]:

1. Guarantee government bond issuance
   : The new local government debt quota for 2026 has been issued in advance, and a certain scale of government bonds will be issued in January
2. Support a “strong start” for credit
   : After the RMB 50 billion new policy-based financial instruments were fully deployed in October 2025, supporting loans will be issued on a large scale
3. Maintain pre-Spring Festival capital stability
   : Taking into account subsequent government bond issuance pressure and the rebound in cash demand ahead of the Spring Festival

, providing a cushion against the pressure from lock-up expirations.

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According to Securities Times·Data Treasure,

next week (January 12-16), with a total of 2.434 billion shares unlocked, and a total based on the latest closing price[4].

Rank	Stock Code	Stock Name	Number of Unlocked Shares (10,000 shares)	Lock-Up Expiration Market Value (RMB 100 million)	Unlock Ratio	Main Lock-Up Type
1	688332	Actions Microelectronics	7,600	110.87	63.25%	Lock-up for original IPO shareholders
2	603235	Techsun Pharmaceutical	29,100	78.41	66.41%	Lock-up for original IPO shareholders
3	-	Other 21 Stocks	-	296.28	-	-

:

• Outstanding performance
  : The estimated net profit attributable to shareholders in 2025 is RMB 1.4 billion to RMB 1.43 billion, a year-on-year surge of
  366.51% to 376.51%
  [4]
• Voluntary lock-up commitment from shareholders
  : To maintain company stability and protect investor interests, Huang Zhiqiang and shareholders holding more than 5% of the shares (Lanxun Management, Lanxun Technology, Chuangyuan Shiji)
  have voluntarily committed not to reduce their holdings within 12 months after the lock-up period expires (January 15, 2026 to January 14, 2027)
  [4]
• Drivers of performance growth
  : Mainly driven by fair value changes from investments in Moore Threads and Muxi Semiconductor

: Despite the high lock-up expiration market value of RMB 11.087 billion, the shareholders’ initiative to extend the lock-up period significantly eases selling pressure. The company has excellent fundamentals and rapid performance growth, and it is recommended to .

:

• Core Business: R&D and production of vitamin B1 and B6
• Industry Position: Leading enterprise in the vitamin industry segment

:

• Number of Unlocked Shares: 291 million shares
• Unlock Ratio:
  66.41%
  (of the company’s total share capital)
• Unlocking Shareholders: Including the actual controller and multiple venture capital institutions

: The unlock ratio is relatively high, and it includes multiple venture capital shareholders, which creates a certain exit demand. However, the vitamin industry is highly prosperous, product prices remain at a high level, and the fundamentals provide support.

Risk Rating	Unlock Ratio	Number of Stocks	Response Strategy
High Risk	>50%	7	Avoid or reduce holdings
Medium Risk	25%-50%	3	Mainly hold and observe
Low Risk	<25%	13	Relatively safe

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: 3:00 PM, Thursday, January 15, 2026

: Zou Lan, Spokesperson and Deputy Governor of the People’s Bank of China; Li Bin, Spokesperson and Deputy Administrator of the State Administration of Foreign Exchange

: Effects of Monetary and Financial Policies in Supporting High-Quality Development of the Real Economy[3]

Based on recent policy trends, the press conference may cover the following key points:

1. Monetary policy orientation
   : Maintain the “moderately accommodative” tone and keep liquidity sufficient
2. Credit support policies
   : Continue to guide financial institutions to increase monetary and credit supply
3. Capital market stability
   : Maintain stable market operation and support the entry of medium- and long-term funds
4. Fiscal and financial coordination
   : Implement the package of fiscal and financial coordination policies to boost domestic demand as deployed at the State Council Executive Meeting

The policy press conference is usually held at 3:00 PM,

. If positive signals are released, it is expected to boost market sentiment and offset the pressure from lock-up expirations; if the policy tone is tight, short-term fluctuations need to be wary of.

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According to Wind data, the total scale of share repurchases and increases in the A-share market in 2025 reached

[5][6]:

Category	Quantity	Amount/Scale
Number of Repurchasing Companies	1,494	RMB 142.736 billion
Share Increase Announcements	534 times	Cap of RMB 83.922 billion
Relending for Repurchases and Increases	789 transactions	Cap of RMB 160.620 billion

Among listed companies that implemented repurchases in 2025, 15 enterprises had repurchase amounts exceeding RMB 1 billion[5]:

Enterprise	Repurchase Amount	Purpose
Midea Group	RMB 11.545 billion	Share cancellation & capital reduction + equity incentives
Haier Smart Home	RMB 1.08 billion	-
Sany Heavy Industry	RMB 1.36 billion	-
COSCO SHIPPING Holdings	RMB 0.825 billion	-

At the start of 2026, Shanghai-listed companies have intensively released announcements on the progress of share repurchases and increases[5]:

• Kweichow Moutai
  : Plans to repurchase RMB 1.5-3 billion, and has repurchased RMB 0.12 billion as of December 31, 2025
• China Three Gorges Renewables
  : The controlling shareholder plans to increase holdings by RMB 1.5-3 billion, and has accumulated increases of RMB 0.799 billion
• Dongcheng Pharmaceutical
  : Plans to repurchase RMB 0.1-0.2 billion
• Century Huatong
  : Plans to repurchase RMB 0.3-0.6 billion

, providing strong support to the market.

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Company	Dividend Plan	Ex-Right/Ex-Dividend Date	Remarks
Foxconn Industrial Internet	RMB 0.33 per share (before tax)	January 16	Cash dividend of RMB 6.55 billion
Hunan Forsun Pharmaceutical	RMB 0.15 per share (before tax)	January 16	Special dividend
Foshan Gas	RMB 2.5 per 10 shares	January 15	Interim dividend for the first three quarters
Guangdong Mingzhu Group	RMB 0.20 per share	January 15	Interim dividend for the first three quarters

In 2025, cash dividends from A-share listed companies reached

, hitting a record high[7]. High-frequency, high-ratio dividend measures reflect:

• Improved overall profitability of listed companies
• Abundant cash flow
• Improved corporate governance structure
• Strengthened awareness of shareholder returns

.

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Stock	Risk Factors	Recommendation
Techsun Pharmaceutical	66.41% unlock ratio, includes venture capital shareholders	Reduce holdings
Sepax Technologies	61.4% unlock ratio	Reduce holdings
Other stocks with high unlock ratios	>50%	Hold and observe

Stock	Positive Factors	Recommendation
Actions Microelectronics	366% performance growth forecast + 12-month voluntary lock-up commitment from shareholders	Accumulate on dips
Dingtong Technology	Small lock-up expiration market value and low ratio	Hold
Lextar Electronics	Small-scale lock-up expiration	Hold

Stock	Dividend Highlights	Recommendation
Foxconn Industrial Internet	Large-scale dividend of RMB 6.55 billion	Buy before the registration date
Hunan Forsun Pharmaceutical	Special dividend, three-red mechanism	Focus on long-term allocation

Market Scenario	Position Recommendation	Sector Allocation
Positive policy signals released	70%-80%	Technology + Consumption + Finance
Neutral policy tone	50%-60%	Defensive focus (Dividends + Pharmaceuticals)
Cautious policy signals released	30%-40%	Reduce risk exposure

1. Monitor trading volume changes
   : On the day lock-up shares are unlocked, be alert if trading volume abnormally surges
2. Track shareholder share reduction announcements
   : Focus on share reduction plans of shareholders holding more than 5% of the shares
3. Combine with technical patterns
   : If the stock price is at a high level with heavy volume, reduce positions in a timely manner
4. Diversify investments
   : Avoid over-concentration in a single stock

Date	Event	Investment Impact
January 15	Reverse repo + Policy press conference + Lock-up expiration + Dividend registration	Long-short interplay, increased volatility
January 16	Ex-rights/ex-dividend for multiple stocks	Pay attention to fill-up trends
Late January	MLF maturity and rollover	Monitor central bank operations

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The pressure from lock-up expirations on January 15, 2026 is

:

1. Ample liquidity
   : The central bank’s RMB 90 billion reverse repo operation with a net injection of RMB 30 billion provides sufficient market liquidity
2. Support from industrial capital
   : The scale of share repurchases and increases continues to expand, and head enterprises actively support stock prices
3. Favorable policy signals
   : The monetary and financial policy press conference is expected to release positive signals
4. Voluntary lock-up by shareholders
   : Shareholders of high-quality companies such as Actions Microelectronics have committed to extending the lock-up period

:

• Short-term
  : Avoid stocks with high unlock ratios and high valuations; focus on investment opportunities in dividend entitlement stocks
• Mid-term
  : Accumulate high-quality targets with strong certainty of performance growth and positive voluntary lock-up commitments from shareholders on dips
• Long-term
  : Grasp the direction of policy support and focus on main sectors such as technology, consumption, and finance

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[1] Central Bank Conducts RMB 90 Billion Outright Reverse Repo Operation Today - Eastmoney.com

[2] Expert Interpretation of RMB 90 Billion Outright Reverse Repo - Dahe Cube

[3] Preview of State Council Information Office’s Monetary and Financial Policy Press Conference on January 15 - Securities Times

[4] 6 Stocks Face High Lock-Up Expiration Market Value Next Week, Including Actions Microelectronics and Techsun Pharmaceutical - Securities Times

[5] A-Share Repurchase and Increase Wave Emerges, Scale Exceeded RMB 220 Billion Last Year - Securities Times

[6] Over 100 Announcements in One Night, Intensive Disclosure of Repurchases and Increases by Shanghai-Listed Companies at the Start of the Year - Securities Times

[7] A-Share Listed Companies Intensify Dividends, 2025 Cash Dividend Scale Hits Record High - China Securities Journal

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: This report is for reference only and does not constitute investment advice. Investors should make independent investment decisions based on their own risk tolerance.