Shareholders are conducting "silent offloading of their stakes", leaving retail investors trapped at the peak price of 110 yuan.
On May 15, 2026, the share price of an AI technology company reached its all-time high of 110.98 yuan.
That day, researchers from Western Securities just released a research report titled *Rapid Growth of AIDC Business, Embarking on a New Journey of Global Expansion*, predicting that the company's attributable net profit from 2026 to 2028 will reach 3.3 billion yuan, 4.2 billion yuan and 5.2 billion yuan respectively, maintaining the "Buy" rating.
The day before the research report was released, on May 14, the closing share price was still around 100 yuan. The day after the report was released, on May 15, the share price surged to 110.98 yuan.
Countless retail investors poured in during these two days. They believed that this was the core target in the AI computing power track, the core IDC service provider of ByteDance, and the absolute leading player in liquid-cooled data centers. 100 yuan? Not expensive. The target price was set at 150 yuan.
What they did not know was that just as they were rushing in, some people were quietly retreating.
And the people retreating were no one else, but the insiders of the company.
The Semi-Annual Report Breaks the Silence on Silent Share Reduction
At the end of August 2026, the company released its semi-annual report.
The data is quite impressive: revenue growth, profit growth, full AI computing power orders, and leading liquid cooling technology. But one sharp retail investor did not look at the income statement, but directly flipped to the last section of the report, "Shareholdings of Shareholders".
This flip revealed a fact that sent chills down the spines of countless retail investors.
The 2026 semi-annual report shows that among the top ten tradable shareholders, five have reduced their shareholdings during the reporting period, with a total reduction of at least 37.68 million shares.
Take a look at this retreat list:
Ningbo XX Investment Partnership Enterprise reduced its holdings by 14.1427 million shares. It is backed by the early investors of the listed company, and has continued to reduce its holdings since the lifting of the ban on restricted shares in August 2025. At the end of June 2026, its shareholding ratio dropped from 2.91% at the end of 2025 to 2.05%.
A Xiamen Equity Investment Partnership Enterprise reduced its holdings by 5.1938 million shares, with the shareholding ratio dropping from 0.86% to 0.54%.
A technology company reduced its holdings by 2.1263 million shares, with the shareholding ratio dropping from 0.93% to 0.80%.
E Fund CSI Artificial Intelligence Themed ETF reduced its holdings by 1.4504 million shares.
Several other institutional shareholders are also quietly reducing their positions.
The five shareholders have reduced their holdings by a total of more than 37.68 million shares within half a year. Estimated based on the average share price during the period, the cash-out amount exceeds 2 billion yuan.
But strangely, during this half year, there is hardly any "major announcement" about these share reductions.
Except that Ningbo XX disclosed a share reduction plan on June 1, 2026 (proposing to reduce its holdings by no more than 16.2307 million shares), the share reductions of several other shareholders were all disclosed in one go in the semi-annual report.
In other words, when retail investors bought at high prices in May, they had no idea that these major shareholders were already retreating.
The Secret of Silent Share Reduction
Here we need to popularize a loophole in the A-share market rules.
According to the *Several Provisions on the Reduction of Shares by Shareholders, Directors, Supervisors and Senior Executives of Listed Companies*, shareholders holding more than 5% of shares, actual controllers, directors, supervisors and senior executives need to disclose the share reduction plan 15 trading days in advance.
However, shareholders holding less than 5% of shares, and shareholders who disperse their shareholdings through persons acting in concert, do not need to disclose in advance when reducing their holdings.
The actual controller of the company holds 58.93% of the shares of the listed company through holding a certain company. Her son and daughter-in-law hold shares indirectly through other entities. All these shares are above 5%, and announcements must be made when reducing holdings.
But what about those small shareholders who hold 2%, 1%, 0.8% of the shares? They do not need to make an announcement in advance, they can sell directly on the secondary market, and retail investors can only find out from the changes in the shareholder list when the semi-annual or quarterly report is released that they have already run away.
This kind of post-disclosed share reduction is what retail investors call "silent share reduction".
What is more subtle is the splitting of persons acting in concert.
The founder, her son and daughter-in-law are the actual controllers of the company and constitute persons acting in concert. But if they hold shares separately through different entities (such as partnerships, investment companies, family trusts), and each entity's shareholding ratio is below 5%, then in theory, each entity does not need to make a separate announcement when reducing its holdings.
What retail investors see is the "list of top ten shareholders", but they cannot see the complex equity structure behind the list.
Online information points out that two affiliated entities of the actual controller have silently reduced their holdings by more than 20 million shares without issuing any share reduction announcements.
From 110.98 Yuan to 68 Yuan
On February 26, 2026, the company's share price hit the limit up, closing at 104.16 yuan, setting a new high in nearly a year, with the total market value exceeding 170 billion yuan.
The reason is the superposition of multiple positive factors such as "convertible bond acquisition to enhance control" and "business synergy with Nvidia's liquid cooling technology route".
On May 15, 2026, the share price reached an all-time high of 110.98 yuan. That day, Western Securities released a research report, maintaining the "Buy" rating.
Then, the share price began to turn downward.
On July 24, the share price closed at 64.80 yuan, down 4.38%. It has fallen by 41.6% from its all-time high.
On September 24, the share price closed at 68.01 yuan, with a total market value of about 111.6 billion yuan, evaporating more than 60 billion yuan from the high point.
Those retail investors who rushed in at 100 yuan and 110 yuan would have a floating loss of more than 35% on their books if they held their positions until September.
When they opened the 2026 semi-annual report and saw the share reduction list of the top ten shareholders, they realized: when they chased the high price, the major shareholders were already selling out.
Some people left a message on the forum:
"The track is a good track, the company is a good company, but the behavior of this group of executives is really disgusting."
This comment got thousands of likes.
Others commented:
"Family businesses have such drawbacks, lacking supervision and checks and balances."
The Family Business of the Richest Woman
To understand the logic of the company's share reduction, we must first understand its equity structure.
The actual controllers of the company are the founder, her son and daughter-in-law. They constitute persons acting in concert, holding a total of about 56.5% of the equity of the listed company.
In 2026, the chairperson retained the title of the richest woman in a certain province with a wealth of 42 billion yuan. Her entrepreneurial experience is legendary: she founded a communications company at the age of 40, established this listed company when she was nearly 50 years old, completed the backdoor listing in 2022, and rose rapidly riding the wave of AI.
The chairperson's son serves as the company's vice chairman and general manager, responsible for operation management and business expansion.
The daughter-in-law serves as the company's director and deputy general manager, specifically responsible for investment and financing and procurement business.
This is a typical family business.
The advantage of a family business is high decision-making efficiency and strong execution. The disadvantage is the lack of external supervision.
In the first half of 2026, the founder's family continued to reduce their shareholdings through their affiliated entities. According to a report by Blue Whale Finance, the enterprises under the son and daughter-in-law cashed out nearly 1 billion yuan in the first half of the year.
The family's cash-out was completed through those affiliated entities with a shareholding ratio of less than 5%. These entities do not need to make announcements in advance when reducing their holdings, and retail investors can only discover it afterwards in the semi-annual report.
This is not a violation of regulations, it is compliant harvesting.
The Retreat of Institutions
Among all the shareholders who reduced their holdings, Ningbo XX is the most noteworthy one.
It is an early investor of the listed company. At the time of the backdoor listing in 2022, it held about 50.03 million shares, accounting for 2.91% of the total share capital.
On August 8, 2025, the restricted shares held by Ningbo XX were lifted from the ban. Since that day, it has continued to reduce its holdings.
The 2025 semi-annual report shows that Ningbo XX holds 50,031,000 shares.
At the end of 2025, its holdings were reduced to 47,831,900 shares.
At the end of June 2026, its holdings were further reduced to 33,689,200 shares, with 14,142,700 shares reduced within half a year.
On June 1, 2026, the company announced: Ningbo XX plans to reduce its holdings by no more than 16.2307 million shares through centralized bidding within 90 days after 15 trading days from the date of the announcement disclosure, accounting for 0.9931% of the total share capital of the company.
On September 22, 2026, the announcement stated that the share reduction plan period has expired: from June 24 to September 21, the actual reduction was 15.8824 million shares, with an average share reduction price of 67.27 yuan per share.
Pay attention to this timeline:
On May 15, the share price reached an all-time high of 110.98 yuan.
On June 1, Ningbo XX announced its share reduction plan.
On June 24, the actual share reduction began.
On September 21, the share reduction was completed, with an average price of 67.27 yuan.
From 110.98 yuan to 67.27 yuan, the share price fell by 39.4%.
Although the average share reduction price is much lower than the high point, it is still very profitable compared to its early entry cost. Moreover, it avoided the highest point in May, and when it began to reduce its holdings in June, the share price had already fallen back to the range of 80-90 yuan.
Ningbo XX's share reduction is the only share reduction plan announced in advance. The share reductions of several other shareholders were all exposed in one go in the semi-annual report.
The 2026 semi-annual report shows that E Fund CSI Artificial Intelligence Themed ETF reduced its holdings by 1.4504 million shares.
The semi-annual report of Huafu CSI Artificial Intelligence Industry ETF shows that it has sold a total of 868 million yuan in the first half of the year.
Guotai CSI Computer Themed ETF has sold a total of 679 million yuan in the first half of the year.
From the perspective of time nodes, the position reduction of these ETFs is mainly concentrated in the second quarter of 2026, that is, the process in which the share price rose from 104 yuan to 110 yuan and then fell back to 70 yuan.
Institutions are often more sensitive than retail investors in their choices. When retail investors are still reading research reports, listening to live broadcasts, and shouting "Long live AI computing power", institutions have already voted with real money.
The God-level Operation of Western Securities
In this drama of "silent share reduction", there is another intriguing role, Western Securities.
On May 14, 2026, Western Securities released the research report *XXX: Rapid Growth of AIDC Business, Embarking on a New Journey of Global Expansion*, predicting that the company's attributable net profit in 2026/2027/2028 will be 3.3 billion yuan / 4.2 billion yuan / 5.2 billion yuan, maintaining the "Buy" rating.
On May 15, the share price reached an all-time high of 110.98 yuan.
Then it began to fall all the way. By July 24, the share price had fallen to 64.80 yuan, down 41.6% from the high point.
The research report was released the day before the highest point, and the "precision" of this time point can be called god-level.
Of course, we cannot say that the research report is designed to cooperate with the shipment. But an objective fact is that when the brokerage shouted "Buy" at the highest point, major shareholders were quietly selling.
What retail investors see is the "Buy" rating in the research report, but they cannot see the "share reduction" data in the shareholder list. By the time they see the semi-annual report, the share price has fallen by 40%.
This is the cruelty of information asymmetry.
The Dilemma of Retail Investors: Always a Step Behind
Why are retail investors always the last to know?
First, the rules of information disclosure are unequal.
Major shareholders holding more than 5% of shares must make an announcement 15 days in advance when reducing their holdings. But shareholders holding less than 5% of shares, as well as affiliated entities that disperse their shareholdings through complex equity structures, do not need to make announcements in advance when reducing their holdings. Retail investors can only see the changes in the shareholder list in quarterly reports and semi-annual reports.
There is a time difference of one to three months between the occurrence of share reduction and the information disclosure. During these three months, retail investors are completely in the information blind zone.
Second, the complexity of the equity structure.
The founder's family holds shares through multiple entities, and the shareholding ratio of each entity is controlled below 5%. This design of "split shareholding" makes every share reduction not trigger the announcement obligation.
What retail investors see is the "list of top ten shareholders", but they cannot see the intricate family equity network behind the list.
Third, the kidnapping of sentiment.
When the share price was at 100 yuan and 110 yuan, the market was full of positive news: the explosion of AI computing power, leading liquid cooling technology, core supplier of ByteDance, partner of Nvidia. Research reports are shouting to buy, KOLs are shouting "ten-fold stock", and retail investors are shouting "eternal god".
In this emotional atmosphere, who would flip through the shareholder list in the semi-annual report? Who would care if those few shareholders holding 1% or 2% of the shares are reducing their holdings?
When the sentiment cools down, the share price plummets, and retail investors are trapped, they flip through the semi-annual report and realize: they are the ones who took the offer.
...
The track is a good track, the company is a good company. But the money in the good track may not be what you can earn.
When you draw trend lines on the K-line chart and calculate the target price, don't forget to flip through the last section of the financial report to check the changes in the shareholdings of those major shareholders.
Because what is hidden in it is not numbers, but the true attitude of major