Core Viewpoint - Hengxuan Technology (688608.SH) announced a share reduction plan by major shareholders due to personal funding needs, involving a total reduction of up to 2,014,888 shares, representing 1.20% of the total share capital [1] Group 1: Shareholder Reduction Plan - Major shareholders Liang Zhang, Zhao Guoguang, Tang Xiaodong, and their concerted actions intend to reduce their holdings by up to 2,014,888 shares through centralized bidding and block trading [1] - Shareholders Run Yuan I and Run Yuan II plan to reduce their holdings by 1,343,500 shares, accounting for 0.80% of the total share capital [1] - As of the announcement date, the actual controllers hold a total of 53,591,591 shares, representing 31.91% of the company [1] Group 2: Shareholding Structure - Shareholders Run Yuan I and Run Yuan II collectively hold 14,778,434 shares, which is 8.80% of the total share capital [2] - The actual controllers of Hengxuan Technology are Liang Zhang, Zhao Guoguang, and Tang Xiaodong, with Liang Zhang being a U.S. national and the others being Chinese nationals [2] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2020, with an issuance of 30 million shares at a price of 162.07 yuan per share [2] Group 3: Fundraising and Financials - Hengxuan Technology raised a total of 486,210,000 yuan, with a net amount of 475,878,120 yuan after deducting issuance costs, exceeding the original plan by 275,878,120 yuan [3] - The funds are allocated for various projects, including upgrades for smart Bluetooth audio chips and the development of smart WiFi audio chips [3] - The total issuance costs amounted to 10,331,880 yuan, with the underwriter, CITIC Securities, receiving 8,642,930 yuan in fees [3]