Core Viewpoint - The recent share reduction plan by China Cinda, the third-largest shareholder of Founder Securities, has failed once again, marking a continuation of a trend where multiple planned reductions have not materialized as intended [2][10]. Group 1: Reduction Plans - China Cinda had announced a plan to reduce up to 82.32 million shares, representing 1% of Founder Securities' total share capital, with an estimated cash-out of approximately 677 million yuan based on a pre-announcement share price of 8.22 yuan [2][11]. - The reduction window from November 26, 2025, to February 25, 2026, saw no shares sold, leaving China Cinda's holdings unchanged at 593.05 million shares, or 7.20% of the total [2][11]. - Over the past three years, China Cinda has attempted six reduction plans, with three resulting in no shares sold and three falling short of their planned targets [4][5][14]. Group 2: Historical Context - China Cinda became a major shareholder of Founder Securities in September 2021, acquiring shares through debt compensation from the previous owner, Zhengquan Holdings [4][13]. - The first reduction attempt in November 2022 aimed to sell 2% of shares but ended with no sales. Subsequent attempts in July 2023 and April/August 2024 also saw minimal reductions, with only 1% and fractions of a percent sold, respectively [4][5][13]. Group 3: Market Conditions - The failure of the latest reduction plan has been attributed to "market environment changes," a reason echoed in previous statements regarding unexecuted reductions [7][15]. - Market analysts suggest that the underperformance of Founder Securities' stock price, which fell to 7.70 yuan by February 25, 2026, compared to 8.22 yuan at the time of the announcement, is a more significant factor in the decision not to sell [8][16]. - Despite the stock price decline, Founder Securities is projected to achieve a net profit of 3.86 billion to 4.08 billion yuan in 2025, representing a year-on-year growth of 75% to 85%, driven by wealth management and subsidiary business income [8][16][17].