员工加杠杆买公司股票亏惨：20亿元买入，14亿卖给大股东！人数或多达4000，此前子公司“放弃一切自由”标语引发争议

Core Viewpoint - Hengyi Petrochemical's recent share buyback announcement and the subsequent stock price drop raise questions about market sentiment and investor confidence despite the positive news [3][6]. Group 1: Share Buyback Details - On December 15, 2025, Hengyi Petrochemical announced that its controlling shareholder, Zhejiang Hengyi Group, and its concerted parties increased their holdings by approximately 1.22 billion shares for about 10 billion yuan, while another party, Hangzhou Hengyi Investment, acquired about 478.4 million shares for 3.94 billion yuan [4][5]. - The total increase in shareholding represents 4.72% of the company's total share capital, raising the combined holding of Hengyi Group and Hengyi Investment from 50.28% to 55.00% [4][5]. Group 2: Stock Price Reaction - Following the announcement, Hengyi Petrochemical's stock price fell significantly, with a maximum intraday drop of over 9%, closing down 8.02% [6][11]. - The stock's poor performance despite the buyback announcement may be attributed to the context of previous large block trades, where significant shares were sold from the company's employee stock ownership plan [6][7]. Group 3: Employee Stock Ownership Plan - The fourth phase of the employee stock ownership plan sold approximately 114 million shares at a significant loss, with the average purchase price being 12.25 yuan per share, while the recent sale price was around 8.23 yuan [11][12]. - The total investment in the fourth phase was close to 1.39 billion yuan, and the total loss from the sale is estimated to be around 30% or more, indicating a substantial financial impact on the employees involved [11][12]. Group 4: Financial Performance Context - Hengyi Petrochemical has experienced fluctuating financial performance, with net profits exceeding 3 billion yuan annually from 2019 to 2021, but showing losses of 1.08 billion yuan in 2022 and modest profits of 4.35 billion yuan and 2.34 billion yuan in 2023 and 2024, respectively [17].