On September 6, Hithink Royalflush Information Network Co.,Ltd. Chairman Yi Zheng announced a reduction plan involving 1.3831 million shares. What triggered market volatility was not the scale of the reduction, but rather the rare expression of "transferring market participation opportunities."
Investors were not convinced—the stock price fell 4.95% the day after the announcement, with the market expressing skepticism through actual capital movements. A dramatic turn occurred 72 hours later: On September 9, Yi Zheng suddenly announced the early termination of the reduction plan, having executed no reduction during this period. This "shortest-lived reduction plan" of the A-share market concluded within regulatory framework, yet cast a shadow over the company's governance image and market trust.
Chairman Yi Zheng previously emphasized that the shares to be reduced were accumulated through purchases at 73 yuan per share during 2022's low point, achieving floating gains as high as 395%. While the current "termination of reduction" demonstrates a gesture, questions remain about whether the plan might be restarted in the future. Long-term trust in capital markets is built on consistency between words and actions—when "completion of phased objectives" and "emergency braking" occur consecutively, investors' ability to predict shareholder behavior becomes weakened.
The pre-disclosure system for reduction plans was designed to stabilize expectations, but Hithink Royalflush completed the entire "announcement-reversal" process within three days, significantly diminishing the certainty value of information disclosure. A private fund manager from Shanghai stated bluntly: "When announcement windows become emotional testing tools, the gaming costs in secondary markets will be passively elevated."
For Hithink Royalflush, terminating the reduction plan is merely the first step in crisis management. To truly repair market trust, substantial actions are needed in improving governance transparency (such as clarifying shareholder behavior plans for the next 12 months) and validating business counter-cyclical capabilities (such as AI technology commercialization implementation). Only when "linguistic artistry" gives way to "sincere action" can this financial information service giant truly navigate through the vortex of public opinion.
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