Thunder strikes! 75 stocks face share reductions; major shareholders cashing out—including pharmaceuticals, semiconductors, and IT services

Liding Optoelectronics: The actual controller and the controlling shareholder’s acting-in-concert parties plan to reduce holdings by 12 million shares. Zhuzhou Smelting Group: A non-ferrous metals smelting enterprise; plans to reduce holdings by 10.73 million shares. Duolun Technology: An intelligent transportation and driving test system provider. Page Two Shanghai Construction Group: Shanghai Guosheng Group plans to reduce holdings by 266 million shares—3% of total share capital. Hebang Biochemical: Engaged in soda ash, ammonium chloride, glyphosate, and methionine production; Sichuan Hebang Biotech plans to reduce holdings by 2%. Dingsheng New Materials: Beijing Purun plans to reduce holdings. Yandong Microelectronics: A semiconductor discrete device and sensor manufacturer; Beijing Yizhuang International Investment plans to reduce holdings by 1%. Page Three Stocks facing share reductions include: Sensnare (infrared pyroelectric sensor provider), QinChuan IoT (smart gas meter and IoT terminal manufacturer), Chongde Technology (executives reducing holdings by 1%), Novosense (automotive-grade analog and isolation IC design company), Zhonglai Co., Ltd., Huaguang Energy & Environment (integrated environmental protection and energy equipment service provider; actual controller Wuxi State-owned Assets Supervision and Administration Commission reduces holdings), Guangpu Shares, Tongda Shares, etc. Page Four Stocks facing share reductions include: Lianjian Technology (third-party inspection and testing service provider), Kanshe Shares (joint reduction by multiple shareholders), Juhe Shun, Hongchang Technology (supplier of micro-special motors for home appliances), Oriental Yuhong (industry leader in construction waterproofing materials; actual controller Li Weiguo reduces holdings by 71.66 million shares—3% of total share capital), Shouchu Securities, Hengtian Hailong (China Hengtian Group reduces holdings by 3%), Soling Shares. Page Five Includes: Hengbang Holdings (gold refining and high-purity material enterprise), Ke’anda (rail transit signaling control equipment provider; actual controller reduces holdings), Oulin Biotech (Taichang Group reduces holdings by 6 million shares), Dailong (liquid packaging machinery manufacturer; Shenzhen Lefeng Investment reduces holdings by 3%), Visual China (engaged in digital content licensing and distribution—including images, videos, and fonts), Aonong Bio, and Sudu Weige (micro-nano optical functional device manufacturer).

Key equity threshold percentages in corporate ownership—Sunny’s Diary

2. 66.7% Shareholding (Two-Thirds or More) — Absolute Control Article 43 of the PRC Company Law stipulates: "Resolutions at shareholders’ meetings concerning amendments to the articles of association, increases or decreases in registered capital, mergers, divisions, dissolution, or changes in corporate form must be adopted by shareholders representing more than two-thirds of voting rights." Thus, a shareholder (or shareholder coalition) holding over 66.7% of shares has the authority to decide on the following matters (as summarized in the diagram): amending the articles of association, increasing or decreasing registered capital, and changing corporate form (e.g., merger, division, dissolution). Article 42 of the PRC Company Law states: "However, exceptions may apply if otherwise provided in the company’s articles of association." Therefore, the articles of association may specify that voting rights are exercised according to the proportion of capital contributions as prescribed by law—or may stipulate alternative voting ratios. 3. 51% Shareholding — Relative Control Relative control primarily enables decision-making on routine operational matters, including appointing independent directors, electing directors and the chairman, selecting auditing institutions, engaging accounting firms, and hiring or dismissing the general manager. 4. 34% Shareholding — Veto Power Over Major Resolutions As previously noted, holding over two-thirds of shares confers absolute control and the power to decide on major corporate matters. Conversely, any shareholder holding 34% (i.e., more than one-third) can block such resolutions—since the remaining shareholders would then be unable to collectively reach the two-thirds threshold required for approval. However, this veto right does not extend to ordinary resolutions requiring only a simple majority. 5. 10% Shareholding — Right to Petition for Corporate Dissolution A shareholder holding over 10% of shares has the right to convene an extraordinary shareholders’ meeting and petition for corporate dissolution—subject to specific statutory grounds under the Company Law. Courts will not accept petitions for dissolution based solely on alleged infringements of shareholders’ rights (e.g., right to information or profit distribution), corporate losses, insolvency, or failure to liquidate after revocation of the business license.

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