湖南白银股份公司5%以上股东长城资产减持计划实施完毕公告（2026年3月12日）

湖南白银股份有限公司：长城资产5%以上股东减持计划实施完毕公告深度解读

要点摘要

中国长城资产管理股份有限公司（下称“长城资产”）作为持有湖南白银股份有限公司（下称“公司”）5%以上股份的重要股东，于2025年12月11日至2026年3月10日期间实施了减持计划。
本次减持计划已于2026年3月10日全部完成，累计减持28,230,000股，占公司总股本1%。
减持方式为集中竞价交易，减持均价为9.14元/股，价格区间为6.31元/股至13.64元/股。
减持前长城资产持有公司5.63%股份，减持后持有公司4.63%股份，权益已降至5%以下。
本次减持股份全部为无限售条件流通股，来源为公司重整受让股份。
减持未导致公司实际控制权变更，对公司治理结构及持续经营无重大影响。
本次减持符合相关法律法规及深圳证券交易所规范性文件要求，且已履行信息披露义务。

详细解读

1. 股东减持计划概述
2025年11月20日，公司发布了持股5%以上股东减持股份预披露公告，长城资产计划自2025年12月11日至2026年3月10日，通过集中竞价及大宗交易方式合计减持不超过55,000,000股（占公司总股本1.95%）。其中集中竞价不超过28,230,000股（1%），大宗交易不超过26,770,000股（0.95%）。

2. 实际减持情况
截至2026年3月10日，长城资产通过集中竞价方式合计减持28,230,000股，占公司总股本1%。本次减持均价为9.14元/股，实际成交价格区间为6.31元/股至13.64元/股。实际减持股份全部为公司重整受让后取得的无限售条件股份。
值得注意的是，长城资产未通过大宗交易方式进行减持，全部通过公开市场集中竞价完成。
2025年12月11日至2025年12月30日，已完成17,909,600股减持（0.63%），此次补充至合计28,230,000股。

3. 减持前后持股变化
减持前，长城资产持有公司股份159,063,972股（占总股本5.63%）；减持后，持有130,833,972股（占总股本4.63%），持股比例降至5%以下。这意味着长城资产不再是公司5%以上大股东，对公司表决权等可能产生一定影响。

4. 对公司影响及合规性
本次减持不会导致公司控制权发生变更，也不会对公司治理结构及持续经营产生重大影响。
此外，减持过程严格按照《证券法》《上市公司股东减持股份管理暂行办法》《深圳证券交易所上市公司自律监管指引第18号—股东及董事、高级管理人员减持股份》等相关法规操作，合法合规，且已提前进行信息披露，实际减持数量未超过计划。

投资者关注要点

减持行为或对股价短期产生影响：大股东减持通常会带来一定的市场压力，需关注市场情绪及股价波动。
长城资产持股降至5%以下：标志着其对公司拥有的重要股东地位发生变化，未来相关事项需关注其持股及动向。
减持股份来源为重整受让股份，全部为流通股：有助于提升市场流动性，但需关注市场消化情况。
减持未导致公司控制权变更：公司治理稳定，经营和发展战略不受影响。

结论

长城资产本轮减持计划已全部完成，持股比例降至5%以下，未来是否继续减持仍需关注其后续公告。投资者应注意大股东减持对股价的短期影响，同时密切关注公司业绩和基本面变化，以理性判断投资价值。

免责声明

本文内容仅供参考，不构成任何投资建议或买卖依据。投资者据此操作，风险自担。请关注公司后续公告及相关信息披露。

Hunan Baiyin Co., Ltd.: Completion of Great Wall Asset’s 5%+ Shareholder Reduction Plan – In-depth Interpretation for Investors

Key Points

China Great Wall Asset Management Co., Ltd. (Great Wall Asset), a major shareholder holding over 5% of Hunan Baiyin Co., Ltd. (the Company), implemented a share reduction plan from December 11, 2025, to March 10, 2026.
The reduction plan was fully completed as of March 10, 2026, with a total reduction of 28,230,000 shares (1% of total share capital).
Reduction was executed via centralized bidding with an average price of RMB 9.14/share; price range RMB 6.31–13.64/share.
Before the reduction, Great Wall Asset held 5.63% of shares; after, the holding fell to 4.63%—dropping below the 5% threshold.
All reduced shares were unrestricted and sourced from shares acquired via company restructuring.
The reduction did not result in a change of control and had no significant impact on governance or ongoing business operations.
The process was compliant with Chinese securities law and Shenzhen Stock Exchange rules, with all required disclosures made.

Detailed Analysis

1. Overview of the Share Reduction Plan
On November 20, 2025, the Company announced that Great Wall Asset planned to reduce its holdings by no more than 55,000,000 shares (1.95% of total equity) between December 11, 2025, and March 10, 2026, using both centralized bidding (not more than 28,230,000 shares, 1%) and block trades (not more than 26,770,000 shares, 0.95%).

2. Actual Reduction Details
By March 10, 2026, Great Wall Asset had reduced its stake by 28,230,000 shares through centralized bidding (1% of total equity), at an average price of RMB 9.14/share, within a range of RMB 6.31–13.64/share. All shares reduced were unrestricted and originated from shares obtained through company restructuring.
Notably, no block trades were made; all reductions occurred via the public market.
From December 11–30, 2025, 17,909,600 shares were already reduced (0.63%), now updated to the full 28,230,000 shares.

3. Changes in Shareholding
Before the reduction, Great Wall Asset held 159,063,972 shares (5.63%); after, this decreased to 130,833,972 shares (4.63%). This means Great Wall Asset is no longer a 5%+ significant shareholder, which may impact its influence over certain shareholder decisions.

4. Company Impact and Compliance
The reduction does not alter company control, governance, or ongoing operations.
The process strictly adhered to Chinese securities regulations and Shenzhen Stock Exchange guidelines, with all required information disclosed in advance, and actual reductions did not exceed the plan.

Investor Relevance

Potential Short-term Price Pressure: Major shareholder reductions can cause market pressure; investors should monitor stock price volatility.
Holding Below 5%: Great Wall Asset’s status as a key shareholder has changed; future actions should be monitored.
All Shares Reduced Are Freely Tradable: May increase market liquidity, but investors should watch how the market absorbs this supply.
No Change in Company Control: Governance and strategy remain stable.

Conclusion

Great Wall Asset’s reduction plan is complete, and its stake is now below 5%. Investors should watch for any further reductions and potential short-term price effects, and closely follow the company’s performance and disclosures.

Disclaimer

The above content is for reference only and does not constitute investment advice. Please make decisions based on your own judgment and assume your own risk. Monitor future announcements and disclosures from the company.