Sold 1 more share than the reduction plan, Mountain Outside Mountain shareholder Liu Yunjun apologizes

Everyday Finance Reporter | Wen Duo Everyday Finance Editor | Huang Bowen

On the evening of May 8, Shanwai Shan (SH688410, stock price 16.86 yuan, market value 5.39B yuan) disclosed the implementation status of the major shareholder Liu Yunjun’s reduction plan.

The announcement shows that Liu Yunjun reduced his holdings through centralized bidding transactions from February 9, 2026, to May 6, 2026, with a total planned reduction of no more than 3.196006 million shares (including shares obtained before the company’s initial public offering and shares converted from capital reserves), but actually reduced 3.196007 million shares, due to operational error exceeding the limit by 1 share.

For this one share, Liu Yunjun has issued a clarification and apologized.

He also reduced 15k non-specific shares

According to the announcement, Liu Yunjun, a former director of the company’s third board of directors, disclosed a reduction plan on January 16, 2026, proposing to reduce no more than 3.196006 million shares he held before the company’s initial public offering and shares obtained from capital reserve conversion through centralized bidding, with a reduction ratio of no more than 1.00% of the company’s total share capital.

The reduction results show that between February 9, 2026, and May 6, 2026, Liu Yunjun cumulatively reduced 3.211007 million shares through centralized bidding, with a total reduction amount of 53.7785 million yuan, and a reduction price range of 15.90 yuan/share to 17.77 yuan/share. Excluding the 15k non-specific shares (purchased in the secondary market), he reduced a total of 3.196007 million shares obtained from the company’s initial public offering and capital reserve conversion.

The announcement indicates that due to operational errors by the shareholder, the reduction of shares (referring to shares obtained before the company’s IPO and from capital reserve conversion) exceeded the planned reduction by 1 share, resulting in an over-reduction. After discovering this over-reduction, the shareholder promptly notified the company and issued a clarification regarding this reduction.

Regarding this operational error, Liu Yunjun and the company stated that they have conducted deep self-examination and reflection, and sincerely apologized for the inconvenience caused to the company and all shareholders by this reduction. Liu Yunjun said he will strengthen securities account management, operate cautiously, carefully study relevant reduction regulations, strictly regulate the company’s stock trading behavior, and prevent such incidents from happening again.

After this reduction was completed, Liu Yunjun’s shareholding ratio in the company decreased from 12.30% to 11.30%.

“Operational mistake” reduction is not new

Liu Yunjun’s case of “selling 1 extra share” is not an isolated incident. In recent years, cases of excessive or illegal shareholder reductions in the A-share market have been frequent.

In September 2024, Boqian New Materials (SH605376, stock price 134.3 yuan, market value 15k yuan) announced that the company’s shareholder holding more than 5%, director, and general manager Chen Gangqiang previously over-reduced 140k shares due to duplicate orders in a single transaction during the reduction process, accounting for 0.05% of the company’s total share capital. Chen Gangqiang subsequently issued an apology statement, promising to buy back the excess shares as soon as possible within the rules.

In April of the same year, Juhe Materials (SH688503, stock price 110.96 yuan, market value 15k yuan) shareholder Chen Yaomin mistakenly operated his stock account, reducing 3,000 shares through centralized bidding without disclosing a reduction plan or fulfilling the commitment period, violating the promise made when the company’s initial public offering and listing on the STAR Market. Chen Yaomin then issued an apology, promising to return the gains obtained from this breach of commitment to the company.

In January of the same year, Wanye Enterprise (SH600641, now renamed “Xian Dao Ji Dian,” stock price 28.63 yuan, market value 35.13B yuan) shareholder Sanlin Wanye (Shanghai) Enterprise Group Co., Ltd. failed to stop trading and fulfill information disclosure obligations in a timely manner when the cumulative equity change ratio reached 5%, only disclosing the equity change report after the ratio reached 5.57%, violating the regulation. This shareholder subsequently promised to buy back the illegally reduced shares with their own funds as soon as possible and to turn over all gains from the excess reduction to the listed company.