BESTWAY(SZ:300008) Xin Lang Cai Jing·2025-04-25 16:37Core Viewpoint - The second largest shareholder of Tianhai Defense, China Great Wall Asset Management Co., plans to reduce its stake, which has attracted market attention [1]. Summary by Relevant Sections Shareholder Reduction Plan - China Great Wall Asset holds 106,429,235 shares of Tianhai Defense, accounting for 6.16% of the total share capital [1]. - The plan involves reducing up to 25,920,000 shares, representing 1.50% of the total share capital, within three months after the announcement [1]. - The reduction is attributed to operational and funding arrangements, with shares sourced from capital reserves during Tianhai Defense's bankruptcy restructuring [1]. Reduction Timing and Method - The reduction period will commence 15 trading days after the announcement and will last for three months, adhering to specified trading windows [1]. - If conducted through centralized bidding, the total shares reduced cannot exceed 1% of the total shares within any 90 consecutive days; if through block trading, it cannot exceed 2% [1]. - The reduction price will be determined based on market conditions [1]. Compliance and Governance - As of the announcement date, China Great Wall Asset is fulfilling its commitments made during the company's restructuring in December 2020 [2]. - The reduction plan will not lead to a change in control of the company, nor will it adversely affect the governance structure or ongoing operations [2]. - The board of directors will oversee the legal and compliant execution of the reduction plan and ensure timely information disclosure [2].