联测科技：上市公司花钱回购，实控人减持套现

Core Viewpoint - The controlling shareholders of Lian Ce Technology (688113) plan to reduce their holdings, raising concerns about the company's stock buyback program and its effectiveness in supporting shareholder value [1][5]. Summary by Sections Shareholder Actions - On October 12, Lian Ce Technology announced that two of its controlling shareholders, Li Hui and Zhang Hui, plan to reduce their holdings by up to 1.92 million shares, representing 2.98% of the total share capital, between November 4, 2025, and February 3, 2026 [1][3]. - If the maximum reduction is executed at the closing price of 39.78 yuan per share, the total cashing out could exceed 76 million yuan [3]. Company Buyback Program - The company's buyback program initiated in April 2023 has seen limited progress, with less than 500,000 yuan spent so far, leading to investor skepticism about its intent [4][5]. - The buyback plan aims to repurchase shares worth 10 million to 20 million yuan for employee stock ownership plans or equity incentives, but only 12,800 shares have been repurchased, accounting for 0.02% of the total share capital [5]. Shareholder Structure and Market Performance - Lian Ce Technology is a professional provider of power system testing solutions, with major clients including SAIC Group, GAC Group, Huawei, and others [4]. - The controlling shareholder, Zhao Aiguo, and his associates hold a combined 35.11% of the shares, indicating a high concentration of ownership [4]. - Despite the recent sell-offs by controlling shareholders, the stock has seen a year-to-date increase of 39%, with a current market capitalization of 2.5 billion yuan [5].