21调查｜六天套现六个亿，5倍大牛股天际股份大股东减持玄机

Core Viewpoint - The recent share reduction by Tianji Co., Ltd. has raised concerns among investors regarding potential violations of regulations, especially given the significant increase in the company's stock price this year, which saw a fivefold rise [1][12]. Group 1: Share Reduction Details - Tianji's controlling shareholder, Shantou Tianji Co., Ltd., reduced its stake by 2.84% last week and an additional 0.7% this week, totaling over 6 billion yuan in cashing out within six trading days [1][12]. - The shares sold were from a non-public offering in 2016, which is not subject to the same disclosure requirements as other share reductions [1][13]. - The total shares reduced since December amount to approximately 17.77 million, with the latest reductions occurring without prior public announcements [12][14]. Group 2: Market Context - The electrolyte sector has seen widespread share reductions, with six companies in the sector experiencing over 100% stock price increases this year, and five of them have announced share reduction plans [2][17]. - Tianji's stock price surged significantly due to rising lithium hexafluorophosphate prices, with increases of 84.82%, 56.39%, and 46.01% in September, October, and November, respectively [6][24]. - The stock price rose from 8.77 yuan at the beginning of the year to a peak of 51.25 yuan, nearing the previous cycle's high of 52.5 yuan [7][24]. Group 3: Regulatory Considerations - Investors have raised concerns about the legality of the recent share reductions, particularly regarding the lack of advance notice and the total reduction exceeding 3.5% [12][13]. - The regulations stipulate that major shareholders must disclose their reduction plans 15 trading days prior to selling shares, and cannot reduce more than 1% of the total shares within three months [13][14]. - However, Tianji's representatives argue that the reductions comply with regulations since the shares sold were from a non-public offering and thus not subject to the same rules [15][16].