新通联第二大股东拟减持不超3%股份，近四年缘何多次“割肉”减持？

Core Viewpoint - The announcement of a share reduction plan by a major shareholder of Xintonglian (603022) indicates ongoing financial challenges and strategic shifts within the company, particularly following a failed restructuring effort [1] Group 1: Shareholder Actions - On November 7, Xintonglian announced that its major shareholder, Bibang Investment, plans to reduce its holdings by up to 6 million shares, representing no more than 3% of the total share capital, between November 28, 2025, and February 28, 2026 [1] - Bibang Investment currently holds 14.90 million shares, accounting for 7.45% of Xintonglian's total share capital [1] - Less than three months prior, Bibang Investment had already reduced its stake by 3% [1] Group 2: Historical Context - Since 2021, Bibang Investment has sold shares at a loss, having acquired 18.45% of the company for over 400 million yuan at a price of 11.34 yuan per share from the controlling shareholder [1] - The company has seen multiple instances of share reductions below the acquisition cost since 2022 [1] Group 3: Company Strategy and Market Position - The decision to sell shares is attributed to the shareholder's personal financial needs, and the company has not continued investments in intelligent data services following a failed restructuring [1]