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Core Insights - The recent announcements from Hexing Packaging include the complete sale of the first employee stock ownership plan after ten years and a plan by the controlling shareholder to reduce their stake by up to 1.91% [1][2] - Following the announcement of the shareholder's reduction plan, Hexing Packaging's stock price surged to a five-year high of 4.08 yuan, contrasting sharply with the losses from the employee stock ownership plan [1][2] Shareholder Reduction Plan - The controlling shareholder, Xinjiang Xinghui Ju Equity Investment Management Partnership, plans to reduce their holdings by up to 23.22 million shares, representing 1.91% of the total share capital, from December 4, 2025, to March 3, 2026 [1][2] - As of now, Xinjiang Xinghui Ju holds 397 million shares, accounting for 32.73% of the total share capital [1] Employee Stock Ownership Plan - The first phase of the employee stock ownership plan has been fully sold, with a total of 12.48 million shares sold, representing 1.03% of the total share capital [2][5] - The employee stock ownership plan began in July 2015 and has undergone six extensions, with the last extension approved in May 2025 [2][3] Financial Performance - The stock price of Hexing Packaging reached a low of 1.87 yuan in 2024 and has since risen to 4.08 yuan by November 13, 2025, marking a significant recovery [2] - The employee stock ownership plan incurred losses, with the total sale amounting to approximately 45.93 million yuan based on a closing price of 3.68 yuan prior to the sale [5] - Over the ten years, Hexing Packaging has distributed more than 1.2 billion yuan in dividends, with the employee stock ownership plan receiving over 12 million yuan in cash dividends [5] Share Pledge Status - Currently, 19.08% of the controlling shareholder's shares are under pledge, with a total of 75.79 million shares pledged, representing 6.25% of the company's total share capital [5]