Core Viewpoint - The announcement from Huayi Brothers indicates a significant reduction in shareholding by Alibaba's venture capital arm, which may impact the company's shareholder structure but is stated not to affect its normal operations or control [1][2]. Shareholding Changes - Alibaba's venture capital, Hangzhou Alibaba Venture Capital Co., Ltd., reduced its stake from 6.064215% to 4.999996%, exiting the list of shareholders with over 5% ownership [1][2]. - The individual shareholding of Alibaba's venture capital decreased from 3.467799% to 2.403580% [1][2]. - The total shares held by Alibaba's venture capital before the reduction were 96,214,286, which decreased to 66,687,466 after the transaction [2]. Historical Context - Alibaba's investment in Huayi Brothers began nearly two decades ago, with Jack Ma joining the board in 2006 [4][5]. - The shareholding of Alibaba and its affiliates reached a peak of 8.07% in 2017, but has since declined significantly [6][8]. - Huayi Brothers has faced financial difficulties, including losses exceeding 50 billion yuan in 2018 and 2019, leading to liquidity issues [6][9]. Financial Performance - Huayi Brothers has reported continuous losses for seven consecutive years, totaling over 80 billion yuan [9]. - For the first three quarters of 2025, the company's revenue was 2.15 billion yuan, a decrease of 46% year-on-year, with a net profit of -1.14 billion yuan, a decline of 168.15% [9]. - The company's stock price has plummeted over 93% from its peak of 31.91 yuan per share, closing at 2.08 yuan per share as of December 18, 2025 [9].

Group 1 - The core point of the article is that Sequoia Capital has initiated a share reduction plan for Yirui Technology, which is known as the "first stock of digital X-ray detectors" [1][2] - Sequoia Capital's Tianjin and Beijing branches currently hold a combined 17.33 million shares of Yirui Technology, representing 8.66% of the total share capital [1] - The planned reduction involves selling up to 4.0044 million shares, which is no more than 2% of the total share capital, potentially generating approximately 350 million yuan based on the current share price [1][2] Group 2 - Yirui Technology is a supplier of digital X-ray core components and comprehensive solutions, with applications in medical, dental, radiotherapy, veterinary, and industrial fields [2] - The company's performance has been under pressure, with a revenue decline of 1.74% year-on-year to 1.831 billion yuan in 2024, and a net profit drop of 25.84% to 439 million yuan [2] - In the first quarter of 2025, Yirui Technology reported a revenue of 482 million yuan, down 1.92% year-on-year, and a net profit of 141 million yuan, down 9.19% year-on-year [2]