Supezet(SH:688121) Zhong Guo Jing Ji Wang·2025-09-09 06:04Summary of Key Points Core Viewpoint - Major shareholders of Zhuoran Co., Ltd. (688121.SH) plan to reduce their holdings, indicating potential shifts in shareholder structure and market sentiment [1]. Group 1: Shareholder Reduction Plan - Shareholders Mali Ping and Shanghai Muxin Private Fund Management Co., Ltd. intend to reduce their holdings by up to 3,036,982 shares, representing no more than 1.3% of the total share capital [1][2]. - The reduction will be executed through a combination of centralized bidding and block trading, with a maximum of 2,336,140 shares through centralized bidding and 700,842 shares through block trading [2]. - The reduction period is set from October 9, 2025, to January 8, 2026, driven by family asset planning needs [2]. Group 2: Shareholding Structure - Mali Ping directly holds 13,749,187 shares, accounting for 5.89% of the total share capital, while Shanghai Muxin holds 1,125,300 shares, or 0.48%, leading to a combined holding of 6.37% [1][2]. - The last reduction by these shareholders occurred between May 27 and August 26, 2024, with a total of 453,937 shares sold at prices ranging from 9.83 to 10.07 yuan per share [2]. Group 3: Fundraising and Financials - Zhuoran Co., Ltd. raised a total of 9.20 billion yuan from its initial public offering (IPO), with a net amount of 8.57 billion yuan after deducting issuance costs [3]. - The company initially aimed to raise 6.10 billion yuan for specific projects, ultimately exceeding its fundraising target by 2.47 billion yuan [3]. - In 2023, the company issued 30,947,336 shares at a price of 13.33 yuan per share, raising approximately 412.53 million yuan, with a net amount of 406.83 million yuan after costs [4].