After the Spring Festival, shareholders of these A-share companies will reduce their holdings, with some companies having a P/E ratio exceeding 10,000 times.

After the Spring Festival holiday, multiple A-share companies’ shareholders will implement reductions. According to incomplete statistics from the Economic Observer Network, during the two trading days before the Lunar New Year holiday in 2026, at least 22 companies issued pre-disclosure announcements of shareholder share reductions.

Preliminary performance increase, many companies’ shareholders plan to reduce approximately 3%

On February 12 and 13, companies including HuiboPu (002554.SZ), Haizheng Shengcai (688203.SH), Huakang Clean (301235.SZ), Dayuan Pump (603757.SH), Caibai Shares (605599.SH), Qianfang Technology (002373.SZ), Xiandao Jidian (600641.SH), ST Yigou (002024.SZ), and Juguang Technology (688167.SH) issued relevant announcements. Among them, many shareholders plan to reduce shares accounting for about 3% of the company’s total share capital, with the reduction expected to start as early as mid-March.

According to Huakang Clean’s announcement on February 12, the company’s controlling shareholder, actual controller, and chairman Tan Pintao, along with actual controller Hu Xiaoyan and the concerted action partner Wuhan Kanghui Investment Management Center (Limited Partnership), plan to reduce no more than 3,131,202 shares, representing 3% of the total share capital, through centralized bidding and block trades within three months after 15 trading days from the disclosure date.

On August 13, 2025, Huakang Clean announced that Chairman Tan Pintao was under investigation by the Guangdong Provincial Supervision Commission and measures of detention were taken. Five days later, on August 18, the company announced that the Guangdong Provincial Supervision Commission had lifted the detention measures on Tan Pintao. Huakang Clean’s main business is cleanroom integrated services, mainly serving medical institutions, research laboratories, integrated circuit and semiconductor manufacturing companies, etc. Medical special orders include medical purification engineering, operating rooms, and critical wards. On January 29, 2026, Huakang Clean released a performance forecast, projecting a net profit attributable to shareholders of the listed company in 2025 to increase by 70.63%–115.54% year-on-year, with the previous year’s net profit at 66.81 million yuan.

Dayuan Pump shareholder Han Yuanfu plans to reduce no more than 5.6 million shares, about 3% of the company’s total share capital, between March 17 and June 16, 2026, through centralized bidding and block trades due to personal funding needs. In terms of shareholding structure, Han Yuanzai, Han Yuanping, Han Yuanfu, Wang Guoliang, and Xu Weijian form a concerted action relationship, holding a combined 56.53% of the company’s total shares, making them the controlling shareholders and actual controllers. On February 9, the company announced that Han Yuanzai and Xu Weijian plan to transfer no more than 9.405 million shares through agreement transfer, representing no more than 5.05% of the total share capital.

Additionally, Kechuang Board company Demar Technology’s shareholders plan to reduce about 3%. According to the announcement, shareholder Zhu Guangkui holds 13.1873 million shares, accounting for 5% of the total. From March 16 to June 15, they plan to reduce no more than 7.9124 million shares through centralized bidding and block trades, not exceeding 3% of the total share capital, with no more than 2.6375 million shares via centralized bidding and no more than 5.2749 million shares via block trades.

Fuda Alloy’s controlling shareholder Wang Dawu plans to reduce no more than 4.06 million shares, about 3% of the company’s total share capital, within three months after 15 trading days from the announcement, through centralized bidding and block trades due to personal funding needs. Previously, the company issued a performance increase forecast on January 24, expecting 2025 net profit attributable to shareholders to be between 76.8 million and 115.2 million yuan, an increase of 6.607–10.447 billion yuan compared to the same period last year (based on statutory disclosure data), representing a year-on-year growth of 615.72%–973.58%.

Share price doubles in less than three months, shareholders will reduce holdings

Among the listed companies planning to reduce holdings after the Spring Festival, Juguang Technology specializes in semiconductor laser components and raw materials, as well as photonic application modules and assemblies. Since early December 2025, the company’s stock price surged from 141 yuan to a peak of 382 yuan, with a closing price of 353.05 yuan before the holiday.

On February 13, Juguang Technology announced that shareholders Xi’an Zhongke Optical Machinery Investment Holding Co., Ltd., Xi’an High-tech Industry Venture Capital Co., Ltd., Shaanxi Integrated Circuit Industry Investment Fund (Limited Partnership), and shareholder Wang Donghui plan to reduce their holdings within three months after 15 trading days from the disclosure date through centralized bidding. Xi’an Zhongke plans to reduce no more than 300,000 shares, representing no more than 0.3339% of the total; Xi’an High-tech and Shaanxi IC plan to reduce no more than 898,600 shares combined, representing no more than 1%; Wang Donghui plans to reduce no more than 898,600 shares, also no more than 1%.

At the same time as the reduction announcement, Juguang Technology disclosed that it would terminate some fundraising projects and use the remaining funds for new projects. The company decided to terminate the IPO fundraising project “R&D Center Construction Project,” which originally planned to invest about 117 million yuan, but as of the announcement date, only 387,000 yuan had been invested, with an investment progress of 0.33%. The new project is the “High-end Optical Component Preparation Technology Platform R&D and Industrialization Project,” with a planned total investment of 270 million yuan.

The new project aims to systematically layout key processes such as wafer-level synchronized structured optical fabrication, lithography—reactive ion etching (RIE), wafer-level precision imprinting, optical precision molding, optical cold processing, and roll-to-roll optical film preparation, building a comprehensive manufacturing capability from front-end preparation to back-end coating and cutting.

It is noteworthy that Juguang Technology is currently in a high-capital investment stage. In 2024, the company’s net profit attributable to shareholders was a loss of 175 million yuan, and in 2025, a loss of 42–32 million yuan is forecasted. In the third quarter of 2025, the net profit attributable to shareholders was 27.19 million yuan. Based on the February 13 closing price of 353.05 yuan, the company’s dynamic P/E ratio is approximately 10,592 times.

In its 2025 performance forecast, Juguang Technology emphasized that the assets acquired in September 2024 from Heptagon are still in the integration stage. Although revenue increased significantly year-on-year, it has not yet fully covered operating costs such as labor and depreciation. The business is still in a loss-making state; the company’s global photonic process and manufacturing services, as a newly expanded business, are still in the market development stage.