一方面，减持是股东正常行使财产权利，只要减持行为建立"公平、公正、公开"等三公原则及合规等基 础上，股东有权行使正当权益； 另一方面，由于资本市场信息的不对称性，作为上市公司大股东或高管的内部人，其减持行为或也可以 作为普通投资者观察上市公司一个参考信号，即其内部关键人减持是否或可能意味着其对公司未来发展 可能缺乏信心或公司当前股价可能存在高估的水分基本面难以支撑等信号？这种"内部人"减持信号或值 得投资者高度关注。 据公开资料显示，*ST返利前身是ST昌九。2020年3月，ST昌九公告重组预案，将以发行股份及现金购 买的方式，购买上海中彦信息科技有限公司（以下简称"中彦科技"）100%股权，中彦科技系 互联网 电 商导购平台"返利网"的经营主体，交易成功后，返利网顺利借壳ST昌九登陆A股市场。 近期，市场行情持续向好， 上证指数 一度突破四年新高，与之对应的是，个股也随之"水涨船高"。然 而，在市场情绪氛围较浓之际，上市公司大股东或高管却抛出减持计划。对于普通投资者，又该如何理 解这种减持行为？ 基于上述一系列背景，我们将对近期公司相关减持进行系列复盘。 9月15日， *ST返利 公告，股东江西昌九集团计划 ...

Core Viewpoint - *ST返利 plans to acquire 60% equity of Guangzhou Fengteng for a consideration of no more than 28.8 million yuan, aiming to enhance its competitive edge in the internet effect marketing sector [1][3]. Group 1: Acquisition Details - The acquisition will be funded by the company's own funds without any fundraising or financing arrangements [1]. - Guangzhou Fengteng, established in 2017, has received various government qualifications and has a strong presence in digital marketing and user growth across multiple industries [1]. Group 2: Business Operations of Guangzhou Fengteng - Guangzhou Fengteng's operations include performance marketing, information flow advertising agency, and game publishing and operation [2]. - The company acts as a primary agent for major platforms like ByteDance and UC, providing media account opening, recharge, and advertising design services [2]. Group 3: Strategic Intent of the Acquisition - The transaction aims to integrate Guangzhou Fengteng's capabilities in intelligent advertising systems, data algorithms, and refined operations to enhance *ST返利's marketing capabilities across multiple traffic platforms [3]. - This acquisition is expected to deepen *ST返利's collaboration with upstream e-commerce platforms, thereby enhancing its e-commerce ecosystem service capabilities [3].