定增减持迷局|福莱新材定增预案出炉前后：实控人关联方及高管轮番减持 是否存在“高卖低买”？

Group 1 - The company is actively pursuing a large-scale financing plan while significant shareholders are frequently reducing their holdings [1][2] - The company plans to raise up to 710 million yuan (approximately 100 million USD) through a private placement of A-shares, which is about 43% of its latest net assets [1] - A major shareholder, controlled by the actual controller of the company, reduced its holdings by 3,726,600 shares, amounting to approximately 123 million yuan (around 17 million USD), bringing the controlling shareholder's stake below 50% [1][2] Group 2 - The recent reduction in holdings is part of a series of sell-offs that began in 2025, with directors and senior management also participating due to "personal funding needs," resulting in over 53.8 million yuan (about 7.5 million USD) in cashing out [2] - The simultaneous occurrence of private placement and share reduction raises questions about the rationality of the company's capital operation strategy, suggesting that insiders may have a conservative view on the company's current valuation or future prospects [2] - The company's stock price has surged by 398% over the past year, creating a favorable environment for shareholder reductions, and the timing of the financing plan at a high stock price allows for more funds to be raised with less dilution [2]