Analysis of the Impact of Shareholder Reduction by Heyuan Gas

Heyuan Gas (002971.SZ) shareholder Changjiang Growth Capital Investment Co., Ltd., which holds 5.001% of the shares, plans to reduce its holdings of the company’s shares by 211.76万股 (accounting for 1% of the total share capital) through centralized bidding [1]. This is a typical institutional shareholder reduction event, which has attracted market attention as it occurs when the stock price is relatively low.

• Current Stock Price
  : 30.70 yuan (closing price on December 16, 2025) [0]
• Daily Decline
  : -4.11%, down 1.34 yuan [0]
• Trading Volume
  : 735万股, a 39% increase compared to the average of 528万 shares [0]

From a technical analysis perspective, Heyuan Gas is in a

. Over the past 30 trading days, the stock price has fallen from 37.20 yuan to 30.70 yuan, a decline of 17.47% [0]. Currently, the stock price is close to the annual low, with technicals in a volatile state, support at 29.81 yuan, and resistance at 32.28 yuan [0].

On the day the reduction announcement was released, trading volume reached 752万股, 1.64 times the 20-day average trading volume, indicating high market attention to the reduction news [0]. The annualized volatility reached 57.19%, indicating that the stock price fluctuates sharply and investor sentiment is sensitive.

1. Institutional Bearish Signal
   : As an important shareholder holding more than 5% of the shares, Changjiang Growth Capital’s reduction is usually interpreted by the market as a lack of confidence in the company’s prospects
2. Timing Sensitivity
   : Reductions during a continuous decline in stock prices may strengthen market concerns about the company’s fundamentals
3. Selling Pressure
   : Although the reduction ratio is only 1%, it may form significant selling pressure in a weak market

Reduction announcements often have a

on investor sentiment, especially:

• Retail investors may follow the reduction
• The market re-evaluates the company’s valuation
• It may trigger a chain reaction among other institutions

1. Improved Equity Liquidity
   : Moderate reduction helps increase stock liquidity and improve the shareholder structure
2. Market-Oriented Pricing
   : Institutional reductions through the secondary market reflect market-oriented value discovery
3. Optimized Shareholder Structure
   : In the long run, it is conducive to forming a more stable and rational shareholder structure

1. Control Stability
   : Although the reduction ratio is only 1%, continuous reductions may affect the stability of the equity structure
2. Increased Financing Costs
   : Low stock prices and equity dilution may increase the company’s subsequent financing costs
3. Strategic Execution Capability
   : Poor stock price performance may affect employee incentives and strategic investment capabilities

Similar cases show that the short-term impact of a shareholder reducing a 1% stake on the stock price is usually digested within

. For example, when CATL’s important shareholder Huang Shilin reduced his stake by 1%, the stock price also fell significantly [1]. But the long-term impact depends more on the company’s fundamentals and industry prospects.

As a basic materials/chemical industry enterprise, Heyuan Gas currently has a high P/E ratio of 91.85 times and a P/B ratio of 4.08 times [0], which makes it more vulnerable to reduction impacts in a weak market.

1. Wait and See
   : Investors are advised to pay attention to the implementation of the reduction and make decisions after market sentiment stabilizes
2. Technical Level Reference
   : Focus on the 29.81 yuan support level; a break below may lead to further decline
3. Trading Volume Monitoring
   : Monitor whether trading volume continues to increase to judge the market’s absorption capacity

1. Fundamental Analysis
   : Focus on the company’s performance growth, industry prosperity, and competitive advantages
2. Shareholder Structure
   : Monitor changes in holdings of other important shareholders to assess the stability of the equity structure
3. Valuation Rationality
   : The current high valuation needs to be supported by rapid performance growth, and there is a risk of correction

Changjiang Growth Capital’s 1% stake reduction has a

for Heyuan Gas, which may cause the stock price to continue to come under pressure, but this impact is usually temporary. From the perspective of long-term development, moderate shareholder reduction helps optimize the equity structure and improve market liquidity, and will not have a fundamental impact on the company’s core competitiveness and long-term strategy.

Investors should pay attention to:

1. The specific execution rhythm and price range of the reduction
2. Whether there are substantial changes in the company’s fundamentals
3. The sustainability of industry prosperity and the company’s competitive position

Only if these core factors remain stable will the reduction event not affect the company’s long-term investment value.

[0] Jinling API Data
[1] TradingView - “CATL shares fall as key shareholder plans to trim stake” (https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3WT029:0-catl-shares-fall-as-key-shareholder-plans-to-trim-stake/)