| Since the China Securities Regulatory Commission proposed the reform of non-tradable shares,China’s capital market has gradually entered the era of full circulation,the vitality of the market has been greatly improved,and the major shareholders of listed companies have the right to freely trade stocks in the secondary market.With the lifting of the ban on the listing of shares,China’s laws regulations and regulatory system have neglected the corresponding synchronous update and improvement,which gives major shareholders the opportunity to exploit the loophole of the system and sell a large number of shares illegally in order to obtain huge profits,and this phenomenon becomes more and more obvious,making the reform of non-tradable shares de Original intention.The negative impact of this kind of speculation by major shareholders is also coming.For the company,this behaviour will damage the company’s reputation.For small and medium-sized investors,they will be disappointed in the securities market to a certain extent,and it will be difficult for the capital market to continue to develop in a healthy and orderly manner.The case enterprise selected in this article is a Ourpalm with good representation and a "leading" position in the industry.Based on market effectiveness theory,signal transmission theory and tunnel effect theory,it adopts event research method,literature research method and case analysis method to study the motivation and impact of major shareholders’ reduction.Make relevant conclusions and put forward applicable suggestions from the dimensions of major shareholders,companies,small and medium-sized investors,and regulators.Ourpalm has attracted the attention of game enthusiasts and industry insiders since its listing in 2012,which has also attracted a series of attention to the company’s major shareholders.This article studies the repeated reduction of major shareholder Yao Wenbin’s holdings from 2016 to 2021.First,it analyses the choice of his reduction method and timing,and then analyses the driving factors of major shareholders’ reduction from many aspects such as mergers and acquisitions,shareholder cashing out,company strategy,etc.,and then analyses the market impact and financial performance caused by the reduction Sound for analysis.For the reduction of holdings in 2016 and 2021,research shows that the impact of different factors of the reduction is also slightly different.Generally speaking,the reduction behaviour of major shareholders will convey negative information to the market in the short term,and based on the reduction of the company’s development and implementation,the market will give some positive feedback according to the situation..Finally,this article puts forward reference suggestions for improving relevant policies,standardising the reduction of major shareholders’ holdings,and improving the level of corporate governance.Therefore,to a certain extent,this article can provide some reference and reference for various types of investors to strengthen their attention and understanding of the reduction of major shareholders’ holdings and improve the relevant regulatory system. |
