Core Viewpoint - The major shareholders of Qiaoyin Co., Ltd. (002973.SZ) plan to reduce their holdings, which may lead to a total cash-out of approximately 384 million yuan, but the company asserts that this will not significantly impact its governance structure or control [1][3]. Shareholder Reduction Plan - Major shareholder Guo Beihua holds 123,496,474 shares (30.22% of total shares) and plans to reduce holdings by up to 8,173,313 shares (2%) through block trading and 4,086,656 shares (1%) through centralized bidding [1][2]. - Shenzhen Zeyuan Private Equity Fund Management Co., Ltd. holds 20,450,000 shares (5.00%) and plans to reduce holdings by the same amounts as Guo Beihua [1][2]. - The total planned reduction amounts to 24,519,938 shares, with an estimated cash-out of 3.84 billion yuan based on the closing price of 15.68 yuan per share on October 9, 2025 [1][2]. Impact on Company Structure - The company states that the reduction plan will not have a significant impact on its governance structure, equity structure, or future operations, nor will it lead to a change in control [3].