【中文版】

限售流通股是指受到流通期限限制的股票。按照我国证券市场的规定，公司发行的股票中，战略投资者持有的股份自发行结束之日起12个月内是不得上市交易的，控股股东或实际控制人持有的股份在自发行结束之日起36个月内是不得上市交易的。这些受到流通期限限制的股票就构成了限售流通股。

限售流通股的产生是为了防止公司的股东过度套现，影响公司的经营和发展。通过限制股份的流通，可以保护公司的长期发展，维护股东的利益。同时，限售流通股也可以作为股权激励的一种方式，鼓励员工和股东共同为公司的发展努力。

在限售期内，这些股票不能在市场上自由买卖，因此不能参与股票的公开交易。只有在限售期结束后，这些股票才能解除限制，参与公开市场交易。

总的来说，限售流通股是一种受到流通期限限制的股票，其存在是为了保护公司的经营和发展，维护股东的利益，同时也可以作为股权激励的一种方式。

【英文版】

What are locked-in securities?

Locked-in securities refer to stocks with restrictions on their tradability. According to the regulations of China's securities market, the shares issued by a company are locked for 12 months from the end of the issuance, and the shares held by the controlling shareholders or actual controllers are locked for 36 months from the end of the issuance. These stocks with restrictions on their tradability form the locked-in securities.

The purpose of locked-in securities is to prevent shareholders from selling their shares excessively, which would affect the company's operation and development. By restricting the tradability of shares, the long-term development of the company can be protected and the interests of shareholders can be maintained. At the same time, locked-in securities can also be used as a way of equity incentives to encourage employees and shareholders to work hard for the company's development.

During the lock-up period, these stocks cannot be freely traded on the market and cannot participate in public trading of stocks. Only after the lock-up period ends, these stocks can be lifted from restrictions and participate in public market trading.

In summary, locked-in securities are stocks with restrictions on their tradability, which are designed to protect the company's operation and development, maintain the interests of shareholders, and also can be used as a way of equity incentives.