Caida Securities (600906) has disclosed a planned share reduction by its state-owned shareholder, Guokong Operations, which intends to sell up to 97.35 million shares (3% of total equity) between July 3 and October 2, 2025. The divestment will be executed through two channels – maximum 32.45 million shares via centralized bidding and up to 64.9 million shares through block trades, with all sales priced above the company’s latest audited net asset value per share.
The state shareholder, currently holding 13.61% of the brokerage, cited operational funding requirements as the rationale for the reduction. This carefully structured sell-off plan demonstrates the shareholder’s commitment to maintaining orderly market conditions, as evidenced by the minimum price floor and phased disposal approach.
This move follows recent regulatory guidance encouraging state shareholders to conduct disciplined capital operations while supporting market stability. The six-month advance disclosure provides ample transparency for investors to digest the potential overhang, with the block trade portion likely targeting strategic investors rather than secondary market dumping. The planned reduction could test market appetite for financial sector equities amid China’s ongoing capital market reforms.
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