持股多年，剑南春突然大规模减持华西证券（002926.SZ）股份，原因何在？ 近日，华西证券发布《关于股东减持计划的预披露公告》表示，公司股东四川剑南春（集团）有限责任 公司（简称"剑南春"）计划在3个月内减持不超过2625万股公司股份，减持比例不超过总股本的1%，减 持方式为集中竞价、大宗交易方式。 时间回溯至2000年，彼时华西有限（华西证券前身）基于四川证券和四川证券交易中心重组基础上，吸 收其他投资者出资，共同组建的综合类证券公司。 若按照9月27日华西证券收盘价9.51元/股来计算，剑南春此次计划减持（不超）2625万股公司股份对应 的市值（不超）2.5亿元。对于减持的原因，公司仅表示"剑南春流动资金需求"。 来源于华西证券公告。 持股20多年，为何突然大规模减持？ 公开资料显示，剑南春持有华西证券1.78亿股公司股份，占公司总股本的6.79%。据南都湾财社记者了 解，剑南春持有华西证券的股份，主要来自华西证券IPO前取得的股份。 | 序号 | 股东名称 | | 出资额(万元) | | 出资比例 | | --- | --- | --- | --- | --- | --- | | | | 净资产出资 ...

Group 1 - The core point of the article is that Ctrip's founders are reducing their holdings, with significant sales planned by both the chairman and the president, while the company shows strong financial performance and a robust recovery in international travel [1][2][3] Group 2 - Ctrip's founder and chairman, Liang Jianzhang, plans to sell 1 million ADS, valued at approximately $7.375 million, marking his first disclosure of a reduction plan since 2025 [1] - Co-founder and president, Fan Min, has also submitted a reduction plan to sell 70,000 ADS, valued at about $454.44 million, and has made multiple reductions throughout the year totaling approximately $30.694 million [1] - As of February 28, 2025, the core management's shareholding has increased, with Liang holding over 36.47 million shares (5.3% ownership) and CEO Sun Jie holding over 14.2 million shares (2.1% ownership) [1] Group 3 - Institutional shareholders have seen notable changes, with Baidu reducing its stake to 45.95 million shares (7.0% ownership), while Capital World Investors also decreased its holdings [2] - BlackRock has emerged as a major shareholder with over 34.81 million shares (5.3% ownership), matching Liang Jianzhang's stake [2] Group 4 - Ctrip reported a strong Q2 2025 performance with net revenue reaching 14.8 billion RMB, a 16% year-on-year increase, driven primarily by the accommodation booking segment, which saw a 21% increase [2] - The international OTA platform showed a robust recovery, with ticket bookings up over 60% year-on-year and inbound travel bookings doubling [3] Group 5 - Ctrip's board approved a share repurchase plan of up to $5 billion, following a previous repurchase of approximately $400 million in ADS [3] - R&D investment in Q2 2025 reached 3.5 billion RMB, a 17% increase, representing 24% of the net revenue, indicating a commitment to innovation and market leadership [3] Group 6 - As of the latest report, Ctrip's stock price is $71.23, with a total market capitalization of $46.556 billion, reflecting a year-to-date increase of 4.25% [3]

Core Viewpoint - Yibin Paper (600793) announced a reduction in shares by its major shareholder, Shudao Investment Group, which sold 3.4146 million shares, accounting for 1.93% of the company’s total shares. This occurred during a period when Yibin Paper's stock price surged by 178% from April 8 to the recent peak [2][4]. Shareholder Activity - Shudao Investment Group reduced its stake from 11.93% to 10.001% through centralized bidding from April 24 to May 27 [2][3][4]. - The reduction in shares was executed through a centralized bidding process, and the shares were originally acquired during a non-public offering by the former Sichuan Railway Industry Investment Group [2][4]. Stock Performance - Yibin Paper's stock price increased from 14.66 CNY per share on April 8 to a peak of 40.79 CNY, marking a significant rise of 178% [4]. - Following the surge, the stock price experienced a decline of 10% on the day of the announcement [5]. Financial Performance - In 2024, Yibin Paper reported a revenue of 2.238 billion CNY, a year-on-year decrease of 8.34%, and a net loss of 128 million CNY, reversing from profit due to declining paper prices and rising raw material costs [5]. - The first quarter of 2024 showed recovery with a revenue of 612 million CNY, a year-on-year increase of 9.51%, and a net profit of 16.03 million CNY, up 99.80%, attributed to the newly acquired acetic acid fiber business [5]. Acquisition Impact - The significant stock price increase was primarily driven by Yibin Paper's acquisition of a 67% stake in Sichuan Push Acetic Acid Fiber Co., Ltd. for 206 million CNY, which reported a net profit of 149 million CNY in 2023 with a low price-to-earnings ratio of 2 [4]. - The acquisition has opened new growth opportunities for Yibin Paper following the release of new merger regulations [4].