Core Viewpoint - The article discusses a significant increase in the number of A-share companies announcing the termination of major shareholder agreement transfers, indicating a potential restructuring of traditional transaction methods in the market [2][3]. Group 1: Termination of Agreement Transfers - Since May, 12 A-share companies have announced the termination of major shareholder agreement transfers, which is equivalent to the total number of such cases in the first four months of the year, accounting for nearly one-fourth of all such cases in 2023 [2]. - Approximately 250 listed companies disclosed major shareholders and executives' agreement transfer reduction plans in the past year, showing a slight increase compared to the previous 12 months, indicating that agreement transfers are still being allowed in a relatively inactive stock market [3]. - The recent terminations predominantly involve controlling shareholders or actual controllers, often due to restrictions on secondary market reductions caused by the company's poor performance, such as being below net asset value or failing to meet dividend standards [4]. Group 2: Challenges in Identifying Relationships - The complexity of identifying "invisible relationships" in agreement transfers poses challenges, as companies often claim ignorance about the specifics of the shareholders' actions [5]. - The recent cases of terminated agreements reveal common characteristics, such as the transferors being actual controllers or related parties, and the transferees often being private equity funds or individuals with limited disclosed backgrounds [8]. Group 3: Buyer Financial Viability - The financial strength and sources of funds for some buyers in agreement transfers are often unclear, raising concerns about their ability to fulfill payment obligations [12][13]. - For instance, a terminated agreement involving Tian Neng Heavy Industry indicated that the transfer was contingent on the successful fundraising of a trust plan, which had not been achieved, leading to the termination of the agreement [12]. Group 4: Restrictions on Shareholder Reductions - Controlling shareholders facing restrictions on reductions due to poor performance are increasingly using agreement transfers as a workaround to liquidate their holdings [16]. - The case of Kosen Technology illustrates how controlling shareholders can bypass reduction restrictions through agreement transfers, leading to significant short-term stock price increases driven by market speculation [16][17]. Group 5: Regulatory and Transparency Issues - The article highlights the need for increased transparency in agreement transfers, as they may involve complex arrangements that include asset restructuring and undisclosed agreements [23][24]. - Experts suggest that regulatory bodies should enhance scrutiny of these transactions to prevent potential abuses and ensure that the interests of public investors are protected [24][25].