Group 1 - The core point of the article is that major shareholders of Yandong Micro (688172.SH) plan to reduce their holdings through block trading or centralized bidding [1] Group 2 - The National Integrated Circuit Fund, a shareholder with over 5% stake, intends to reduce its holdings by up to 21.4143 million shares, which is no more than 1.5% of the company's total share capital, within three months after the disclosure of the reduction plan [1] - Another major shareholder, Jing Guorui, also holding over 5%, plans to reduce its holdings by up to 14.2762 million shares, representing no more than 1% of the company's total share capital, within the same timeframe [1]

Core Viewpoint - The major shareholders of Yandong Microelectronics, including the National Integrated Circuit Fund and Jingguo Rui, plan to reduce their holdings through block trades or centralized bidding, indicating a strategic shift in their investment approach [1] Group 1: Shareholder Actions - The National Integrated Circuit Fund intends to reduce its stake by up to 21.4143 million shares, representing 1.5% of the company's total share capital [1] - Shareholder Jingguo Rui plans to decrease its holdings by up to 14.2762 million shares, accounting for 1% of the company's total share capital [1] - The planned reduction period is set to occur within 15 trading days following the announcement and extend up to three months [1] Group 2: Market Conditions - The share price for the planned reductions will be determined based on market prices, reflecting the current market conditions [1] - The reductions are attributed to the shareholders' operational management needs, suggesting a potential reallocation of resources or strategic focus [1]

Core Viewpoint - The major shareholder of Kanglongda, Hangzhou Helin Private Fund Management Co., plans to reduce its stake in the company by up to 4.83 million shares, representing a maximum of 3% of the total share capital, due to personal funding needs [1] Summary by Sections - **Shareholder Reduction Plan** - The reduction will take place from December 11, 2025, over a period of 90 days [1] - The plan includes a maximum of 1.61 million shares to be sold through centralized bidding and 3.22 million shares through block trading [1] - **Reason for Reduction** - The primary reason for the share reduction is the shareholder's personal funding requirements [1] - **Price Range** - There is no set price range for the share reduction [1]

Core Points - The shareholder Helin Fund, holding 5.99% of the shares, plans to reduce its stake by up to 4,833,330 shares, which is not more than 3% of the company's total share capital [1] - The reduction will occur within 90 days from December 11, 2025, to March 10, 2026, through centralized bidding and block trading methods [1] - The planned reduction includes a maximum of 1,611,110 shares through centralized bidding and up to 3,222,220 shares through block trading [1] - The implementation of the reduction plan is subject to uncertainty [1]

Summary of Key Points Core Viewpoint - The company Liyuan Technology announced a share reduction plan by its shareholder, Hui Lian No. 2, which currently holds 4.6444 million shares, accounting for 3.1016% of the total share capital [1] Group 1: Shareholder Reduction Plan - Hui Lian No. 2 plans to reduce its holdings by no more than 3.04 million shares, which represents a maximum of 2.0303% of the company's current total share capital [1] - The reduction will occur through two methods: a centralized bidding transaction from December 12, 2025, to March 11, 2026, for up to 1.4973 million shares, and a block trade from November 26, 2025, to February 25, 2026, for up to 2.9946 million shares [1] - In the past 12 months, Hui Lian No. 2 has already reduced its holdings by 1.7556 million shares, which is 1.1725% of the total share capital [1] Group 2: Impact on Company - The company states that this share reduction plan carries uncertainties but will not have a significant impact on its governance or operations [1]

Core Viewpoint - Hechuan Technology (688320.SH) announced a share reduction plan involving major shareholders and executives, indicating potential liquidity changes and market sentiment shifts [1][2][3] Share Reduction Plans - Major shareholder and vice general manager Xiang Henghui plans to reduce holdings by up to 2,728,922 shares, representing 1.8071% of total shares [1] - General manager Xu Xiaojie intends to reduce holdings by up to 1,146,496 shares, accounting for 0.7592% of total shares [1] - Vice general manager Yan Pengfei plans to reduce holdings by up to 655,141 shares, which is 0.4338% of total shares [1] - Related entities, including Qichuan Investment and Qichuan Hepeng, plan to collectively reduce up to 4,530,409 shares, representing 3.0000% of total shares [2] Financial Implications - The total estimated cash from the share reductions is approximately 334.17 million yuan based on the last closing price of 36.88 yuan per share [3] - As of the announcement date, major shareholders hold the following shares: Xiang Henghui (10,915,688 shares, 7.2283%), Xu Xiaojie (4,585,987 shares, 3.0368%), Yan Pengfei (2,620,564 shares, 1.7353%), and Qichuan Investment (13,919,927 shares, 9.2177%) [3] Company Background - Hechuan Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 28, 2022, with an initial offering price of 23.66 yuan per share [4] - The company raised a total of 893 million yuan, with a net amount of 807 million yuan after expenses [4] - In 2024, the company reported a revenue of 81.07 million yuan, a decrease of 27.39% year-on-year, and a net loss of 165.09 million yuan [5] - For the first nine months of 2025, the company achieved a revenue of 733 million yuan, a year-on-year increase of 13.83%, but still reported a net loss of 91.65 million yuan [5]

Core Viewpoint - Zhejiang Chunfeng Power Co., Ltd. announced a significant reduction in shareholding by its controlling shareholder Chunfeng Holdings Group Co., Ltd. and its concerted actors, which has triggered a change in equity that touches the 5% threshold [3][4][6]. Group 1: Shareholding Changes - Chunfeng Holdings and its concerted actors reduced their total shareholding from 41.81% to 40.85% after selling 1,463,000 shares between November 4 and November 7, 2025 [3]. - A subsequent reduction occurred from November 10 to November 18, 2025, where an additional 1,293,462 shares were sold, bringing the total shareholding down to 40.00% [4][23]. Group 2: Background Information - Before the reduction, Chunfeng Holdings held 45,000,808 shares (29.49%), while its concerted actor Chongqing Chunfeng held 12,661,734 shares (8.30%), and other actors held smaller percentages [8]. - The reduction was part of a previously disclosed plan to sell shares, which was announced on September 19, 2025 [6][9]. Group 3: Compliance and Impact - The shareholding changes comply with the previously disclosed reduction plan and will not lead to a change in the controlling shareholder or significant impact on the company's governance structure [6][9]. - The company confirmed that the reduction does not trigger mandatory tender offer requirements under relevant laws and regulations [6].

Summary of Key Points Core Viewpoint - The announcement details the shareholding situation and the results of a share reduction plan by major shareholders of Yisui Technology Group Co., Ltd. The shareholders, Tianjin Sequoia and Beijing Sequoia, have executed a plan to reduce their holdings through block trading. Group 1: Shareholding Situation - Before the reduction plan, Tianjin Sequoia held 11,785,883 shares (5.89% of total shares), and Beijing Sequoia held 5,547,286 shares (2.77% of total shares) [1] - The shares held by these shareholders were acquired before the company's IPO and through capital reserve conversion [1] Group 2: Reduction Plan Implementation Results - On July 24, 2025, the company disclosed a plan for Tianjin Sequoia and Beijing Sequoia to reduce their holdings by up to 4,004,367 shares (up to 2% of total shares) [1] - During the reduction period, Tianjin Sequoia and Beijing Sequoia reduced their holdings by a total of 3,002,184 shares, representing 1.42% of the current total shares [2] - The reduction plan was completed as scheduled, and the actual reduction met the planned minimum reduction quantity [7]

Core Viewpoint - The company, United Water, announced that its shareholder, Shanghai Henglian Bianhe Enterprise Management Partnership (Limited Partnership), plans to reduce its shareholding by up to 582,500 shares, accounting for 0.1376% of the total share capital, through centralized bidding from December 11, 2025, to March 10, 2026 [1] Summary by Relevant Sections - **Share Reduction Details** - The planned reduction involves a maximum of 582,500 shares, which represents 0.1376% of the company's total share capital [1] - The reduction period is set from December 11, 2025, to March 10, 2026 [1] - The selling price will be determined based on market conditions [1] - **Reason for Reduction** - The share reduction is based on the personal financial needs of a retired employee who has not been with the company for many years [1] - The shares being sold were acquired prior to the company's initial public offering [1] - **Impact on Company Control** - The share reduction will not lead to a change in the company's control [1] - The company will continue to monitor the progress of the share reduction and fulfill its information disclosure obligations [1]

Core Points - The controlling shareholder Zhang Lixin originally planned to reduce holdings by no more than 2% (262.62 million shares) within three months, but ultimately reduced holdings by 258.94 million shares, accounting for 1.97% [1] - The reduction occurred through centralized bidding (85.39 million shares) and block trading (173.55 million shares), with a total transaction amount of 160 million yuan and a transaction price range of 52 to 70.58 yuan per share [1] - After the reduction, the remaining shares held by Zhang Lixin are 31.71 million shares, representing 24.15% of total shares, and the reduction plan has been terminated early [1]