Group 1 - China Cinda plans to reduce its stake in Founder Securities by up to 82.32 million shares, representing 1.00% of the total share capital, between November 26, 2025, and February 25, 2026, potentially cashing out approximately 677 million yuan at the closing price of 8.22 yuan per share on November 4 [1] - As of the announcement date, China Cinda holds about 593 million shares in Founder Securities, accounting for 7.20% of the total share capital, making it the third-largest shareholder [1] - The shares were acquired through a debt settlement process in 2020, where China Cinda became the beneficiary of 710 million shares originally held by Zhengquan Holdings [1] Group 2 - China Cinda's frequent share reductions may be linked to its operational needs, as it is significantly impacted by macroeconomic cycles [2] - In the first half of 2025, China Cinda reported a net profit of 2.281 billion yuan, a year-on-year increase of 5.78%, but its pre-tax profit from non-performing assets was -6.2 billion yuan [2] - The company has increased its acquisition of non-performing financial debt assets, with 25.506 billion yuan acquired in the first half of 2025, a year-on-year growth of 56.80% [2] Group 3 - Founder Securities has shown stable performance in recent years, with net profit around 2.1 billion yuan [3] - In 2025, the company benefited from an active capital market, with brokerage, margin trading, investment banking, and proprietary trading businesses recovering significantly [3] - For the first three quarters of 2025, Founder Securities reported revenue of 9.082 billion yuan, a year-on-year increase of 67.17%, and a net profit of 3.799 billion yuan, up 93.31% year-on-year [3]