Core Viewpoint - The capital operations of Mengguli reveal a contradiction between significant shareholder reductions and the company's fundraising efforts, raising questions about its true value and financial health [1][2][3]. Group 1: Shareholder Actions - Important shareholders of Mengguli have been reducing their stakes, with Beijing Yindi Investment Co., Ltd. and its associates collectively reducing 5,378,600 shares, representing 1.17% of the total share capital from July 8 to September 2, 2025 [2]. - Further reductions were noted, with the same group reducing an additional 4,750,900 shares, accounting for 1.03% of the total share capital from September 3 to September 22, 2025 [2]. - After these reductions, the aforementioned shareholders hold a total of 35,832,124 shares, which is 7.80% of the total share capital [2]. Group 2: Fundraising and Financial Performance - Mengguli plans to raise up to 980 million yuan (approximately 9.8 billion yuan) through a private placement, with 860 million yuan allocated for a project to produce 30,000 tons of lithium-ion battery cathode materials and 120 million yuan for working capital [1][3]. - The controlling shareholder, Hengtong New Energy, has committed to subscribe for 200 million yuan, with an 18-month lock-up period [1]. - The company's financial performance has been declining, with a 35.01% drop in net profit in its first year post-IPO, followed by a loss of 71.67 million yuan in 2024, and a 60.87% decline in net profit in the first half of 2025 despite a 23.19% increase in revenue [3]. Group 3: Market Implications - The simultaneous fundraising and shareholder reductions have led to skepticism regarding Mengguli's actual value, highlighting a potential disconnect between the company's financial health and its capital market activities [2][3]. - The case of Mengguli illustrates a broader trend in the A-share market, where companies with declining performance can still engage in financing, while original shareholders may exploit information asymmetry to maximize their own benefits through share reductions [3].