Core Viewpoint - The major shareholders of Boying Special Welding (博盈特焊) plan to reduce their holdings, which may impact the stock's market performance but will not affect the company's control or governance structure [1]. Group 1: Shareholder Reduction Plan - Qianhai Equity Investment Fund and Zhongyuan Qianhai Equity Investment Fund, collectively holding 6,753,030 shares (5.19% of total shares), plan to reduce their holdings by up to 3,903,414 shares (3% of total shares) within a two-month period from November 25, 2025, to January 24, 2026 [1]. - The reduction will occur through block trades (up to 2,602,276 shares, 2% of total shares) and centralized bidding (up to 1,301,138 shares, 1% of total shares) [1]. - The reduction will be based on market prices at the time of the sale, and it will not lead to a change in the company's control or significantly impact its governance or future operations [1]. Group 2: Company Listing and Financials - Boying Special Welding was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on July 24, 2023, with an initial public offering of 33 million shares at a price of 47.58 yuan per share [2]. - The company raised a total of 157.014 million yuan from the IPO, with a net amount of 142.74174 million yuan after deducting issuance costs, exceeding the original plan by 57.74174 million yuan [3]. - The funds raised are intended for research and development of anti-corrosion and anti-wear products, construction of production bases, automation upgrades, and to supplement working capital [3][4].