Core Viewpoint - A significant reduction in shareholding is occurring at Tuojing Technology, a leading semiconductor equipment company on the Sci-Tech Innovation Board, coinciding with its announcement of a 4.6 billion yuan private placement plan, indicating potential internal concerns about the company's valuation and future performance [1][3]. Group 1: Management and Shareholder Actions - Seven key executives, including General Manager Liu Jing and Secretary Zhao Xi, plan to collectively reduce their holdings, while an employee shareholding platform recently transferred shares worth 1 billion yuan, indicating a rare "internal group exit" phenomenon [1]. - Prior to the private placement announcement, major shareholders and executives, including Liu Jing and five vice presidents, planned to reduce their holdings by up to 146,500 shares, representing no more than 1% of the total share capital [1]. - The simultaneous action of eight individuals in reducing their holdings suggests a significant "group" characteristic, despite the absolute value being relatively low [1]. Group 2: Employee Shareholding Platform Activity - The employee shareholding platform, represented by "Qiongqincheng Xinxin" and "Shenyang" systems, sold 6.9932 million shares in August, accounting for 2.5% of the total share capital, at a transfer price of 144.92 yuan per share, totaling over 1 billion yuan [2]. - This transfer price represents a 101.6% premium over the IPO price of 71.88 yuan in 2022, but a 34% discount compared to mid-September stock prices, indicating a strategy of "discount bulk selling" for quick cash realization [2]. - The shares sold originated from early equity incentives, with some original costs as low as 30 yuan per share, resulting in a paper profit exceeding 300% for some core employees [2]. Group 3: Market Valuation and Investor Sentiment - As of September 26, Tuojing Technology's adjusted stock price exceeded 550 yuan per share, reflecting a cumulative increase of 660% since the 2022 IPO, with a dynamic price-to-earnings ratio of 110, significantly higher than the semiconductor equipment industry's average of 85 [2]. - The high valuation combined with substantial insider selling raises concerns for investors, as historical cases suggest that large-scale cash-outs by core teams often coincide with peak stock prices [3]. - The ability of Tuojing Technology to pass the private placement plan at the shareholder meeting and address market skepticism regarding "money-grabbing financing" will be crucial for its future stock price trajectory [3].