Manycore Tech (HKG:0068) said its executive directors have voluntarily extended or entered into lock-up undertakings covering 483.2 million shares, representing 27.99% of its issued share capital, according to a Tuesday Hong Kong bourse filing.
The undertakings prevent the directors from selling or reducing their relevant shareholdings until Oct. 16, 2027.
They cover stakes held by co-founders Huang Xiaohuang, Chen Hang and Zhu Hao, as well as share options held by Chief Financial Officer Shen Bei.
Shares of the firm were down nearly 11% in Tuesday morning trade.
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