BEIJING, July 29 (Xinhua) -- The number of lock-up shares that will become eligible for trading on China's bourses dropped markedly in August, according to Sunday's Securities Times.

Over 13.93 billion lock-up shares worth about 162.3 billion yuan (about 23.8 billion U.S. dollars) will become eligible for trading on the Shanghai and Shenzhen stock exchanges in August, down 54 percent and 42 percent from July, respectively.

Both the market cap and number of shares hit a record low this year, according to the paper.

Under China's market rules, major shareholders must wait for one to two years before they are permitted to sell their shares.

Chinese shares closed lower Friday, with the benchmark Shanghai Composite Index dropping 0.3 percent to close at 2,873.59 points. The Shenzhen Component Index closed 0.6 percent lower at 9,295.93 points.