It’s “Big Fei Xiaofei” rather than “Da Fei Xiao Fei”

Xiao Fei---small-scale restricted tradable shares. Accounting for less than 5% of the total share capital. It can be circulated one year after the share reform is completed.

Dafei---large-scale restricted circulation stocks. Accounting for 5% to 10% of the total share capital. It can be circulated 2 years after the share reform is completed.

Small, that is, a small portion. No, it means sales are restricted. Xiaofei refers to a small number of stocks that are prohibited from being listed and circulated. Otherwise it is called Da Fei. Lifting the ban means that non-tradable stocks gain the right to be listed and circulated. . The lifting of the ban on small non-tradable stocks means that some restricted stocks are lifted from the ban and allowed to be listed and circulated. Where did Xiao Fei come from? When the share-trading reform was originally implemented, the date on which some listed companies' stocks could be listed for circulation was restricted. In other words, some of the stocks of many companies cannot be listed and circulated temporarily. This is non-tradable stock, also called restricted stock. Or called restricted sales of A shares. A small part of them is called Xiaofei. Most of them are bad.