Core Viewpoint - Visual China is advancing its H-share issuance and plans to list on the Hong Kong Stock Exchange while simultaneously announcing a share reduction plan by its actual controllers and significant shareholders [1][2]. Group 1: Share Reduction Plans - The actual controllers of Visual China, including Liao Daoxun, Wu Yuru, and Chai Jijun, plan to reduce their holdings by up to 12.95 million shares, accounting for 1.85% of the total share capital, with an estimated total value of approximately 360 million yuan based on the closing price of 28.01 yuan on January 27 [1]. - As of the announcement date, these three individuals collectively hold about 148 million shares, representing 21.13% of the total share capital [1]. - Another shareholder, Liang Jun, intends to reduce his holdings by up to 5.6 million shares, or 0.8% of the total share capital, between February 26 and May 25, 2026, with an estimated value of around 157 million yuan [1]. Group 2: Stock Price Reaction - Following the announcement of the share reduction, Visual China's stock price fell over 7%, closing at 26.04 yuan, resulting in a market capitalization of 18.2 billion yuan [2]. Group 3: Company Background and Ownership Structure - Founded in 2000, Visual China, originally known as "Photocome," has rapidly developed in the Chinese market due to its exclusive agency agreement with Getty Images [2]. - The company became the first "internet visual copyright" listed company in A-shares after merging with Far East Holdings in April 2014 [2]. - Historical data shows that in 2014, the combined shareholding of Liao Daoxun, Wu Yuru, Wu Chunhong, Chai Jijun, and others was 388 million shares, representing 57.92% of the total share capital [2]. Group 4: Financial Performance - From 2020 to 2024, Visual China's total revenue is projected to grow from 570 million yuan to 811 million yuan, while the net profit attributable to shareholders is expected to decline from 142 million yuan to 119 million yuan [5]. - The latest quarterly report indicates that for the first three quarters of 2025, the company achieved a revenue of 610 million yuan, a slight increase of 0.3% year-on-year, but the net profit decreased by 9.03% to 74 million yuan [5]. Group 5: Strategic Initiatives - In response to the profit decline, Visual China attributed the challenges to the overall adjustment in the advertising and marketing industry due to macroeconomic conditions, indicating a cyclical fluctuation in the industry [6]. - The company is actively optimizing its product service structure and focusing on developing AI-driven creative customization services, which have shown revenue growth and become a new performance growth point [6]. - Visual China announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, financing capabilities, and international brand influence, although specific timelines and implementation plans remain uncertain [6].

Market Overview - The digital media sector experienced a decline of 3.41% on January 28, with FanTuo Digital leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - FanTuo Digital (301313) closed at 32.75, down 9.56% with a trading volume of 186,500 shares and a transaction value of 620 million yuan [1] - Visual China (000681) closed at 26.04, down 7.03% with a trading volume of 1,131,700 shares and a transaction value of 3.023 billion yuan [1] - People's Daily Online (603000) closed at 23.08, down 5.37% with a trading volume of 693,000 shares and a transaction value of 1.637 billion yuan [1] - Other notable declines include iReader Technology (603533) down 2.62%, and Mango Excellent Media (300413) down 1.91% [1] Capital Flow Analysis - The digital media sector saw a net outflow of 665 million yuan from major funds, while retail investors contributed a net inflow of 439 million yuan [1] - Major funds showed significant outflows in stocks like People's Daily Online (-288 million yuan) and Visual China (-150 million yuan) [2] - Retail investors showed net inflows in stocks such as People's Daily Online (244 million yuan) and Visual China (63 million yuan) [2]

Core Viewpoint - The major shareholders of Vision China (000681.SZ) have announced plans to reduce their holdings in the company, which may impact the stock price and investor sentiment in the near term [1][2][4]. Shareholder Reduction Plans - The actual controller Liao Daoxun plans to reduce his holdings by up to 6,995,786 shares (1% of total shares) through centralized bidding and up to 5,954,214 shares (0.85% of total shares) through block trading, totaling a maximum of 12,950,000 shares (1.85% of total shares) [1]. - The actual controller Wu Yuru plans to reduce his holdings by up to 5,600,000 shares (0.8% of total shares) within the same timeframe [2]. - The total reduction by Liao Daoxun, Wu Yuru, and another controller, Chai Jijun, is expected to amount to approximately 3.63 billion yuan based on the closing price of 28.01 yuan per share [2][3]. Historical Context of Share Reductions - Liao Daoxun has cumulatively reduced his holdings by 47,620,700 shares since December 30, 2021, realizing approximately 6.52 billion yuan [4]. - Wu Yuru has reduced his holdings by 12,270,000 shares since September 26, 2019, with total cashing out of about 2.2 billion yuan [4]. - Chai Jijun has reduced his holdings by 2,036,830 shares since September 26, 2019, totaling approximately 3.44 billion yuan [4]. - Liang Jun, another major shareholder, has reduced his holdings by 3,247,680 shares since December 3, 2020, with total cashing out of about 5.83 billion yuan [4]. Total Cashing Out - The cumulative cashing out by Liao Daoxun, Wu Yuru, Chai Jijun, and Liang Jun amounts to approximately 17.99 billion yuan [5].

Core Viewpoint - Visual China (000681.SZ) shares have dropped by 6.14% to 26.29 yuan, with a current trading volume of 2.476 billion yuan and a market capitalization of 18.4 billion yuan [1] Shareholder Reduction Plans - The actual controllers of Visual China, including Liao Daoxun, Wu Yuru, and Chai Jijun, collectively hold 148 million shares, accounting for 21.13% of the company. They plan to reduce their holdings by a maximum of 12.95 million shares, which is up to 1.85%, through centralized bidding and block trading from February 26, 2026, to May 25, 2026 [1] - Shareholder Liang Jun, who holds 61.4358 million shares (8.78%), intends to reduce his holdings by up to 5.6 million shares, representing 0.8% of the total share capital, due to funding needs during the same period [1]

Group 1 - The core point of the announcement is that major shareholders of Vision China plan to reduce their holdings of company shares due to personal financial needs [3][5][14] - Shareholder Liang Jun holds 61,435,827 shares, representing 8.78% of the total share capital, and plans to reduce up to 5,600,000 shares (0.8% of total share capital) within three months starting from February 26, 2026 [3][4][5] - The reduction will be executed through centralized bidding, and the exact timing and price will depend on market conditions [5][6] Group 2 - The actual controllers of the company, including Liao Daoxun, Wu Yuru, and Chai Jijun, plan to reduce their holdings by a total of up to 12,950,000 shares (1.85% of total share capital) within the same three-month period [12][14] - The reduction will be split between centralized bidding (up to 6,995,786 shares) and block trading (up to 5,954,214 shares) [12][14] - The reasons for the reduction are also cited as personal financial needs, and the shareholders have confirmed that the planned reductions comply with relevant laws and regulations [14][17]

格隆汇1月27日丨视觉中国(000681.SZ)公布，持有本公司股份41,540,639股（占本公司总股本比例 5.94%，总股本按剔除公司最新披露回购专用账户中的股份998,800股数量后的699,578,636股计算，下 同）的实际控制人廖道训先生，持有本公司股份76,891,290股（占本公司总股本比例10.99%）的实际控 制人吴玉瑞女士，持有本公司股份29,393,828股（占本公司总股本比例4.20%）的实际控制人柴继军先 生，即3名一致行动人，计划在本减持计划公告发布之日起15个交易日后的3个月内（即2026年2月26日 至2026年5月25日），以集中竞价方式减持本公司股份不超过6,995,786股（占本公司总股本比例1%）， 大宗交易方式减持本公司股份合计不超过5,954,214股（占本公司总股本比例0.85%），减持本公司股份 合计不超过12,950,000股（即不超过公司总股本比例1.85%）。柴继军先生为公司董事、总经理，减持 公司股份不超过其持有公司股份总数的25%。 ...

Core Viewpoint - Visual China announced a plan for share reduction by its actual controllers, indicating a strategic move to adjust ownership structure and potentially influence stock performance [1] Share Reduction Plan - The actual controllers, Liao Daoxun, Wu Yuru, and Chai Jijun, plan to reduce their holdings from February 26, 2026, to May 25, 2026 [1] - The total shares to be reduced amount to a maximum of 12,950,000 shares, which represents 1.85% of the total share capital [1] - The reduction will occur through two methods: a maximum of 6,995,786 shares (1% of total share capital) via centralized bidding and 5,954,214 shares (0.85% of total share capital) through block trading [1]

新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 | | | 1月27日上市公司盘后增持情况 | | --- | --- | --- | | 1 | 片仔癢 | 控股股东九龙江集团拟3亿元-5亿元增持公司股份 | | | | 1月27日上市公司盘后拟减持情况 | | 1 | 达意障 | 股东乐丰投资拟减持不超3%股份 | | 2 | 东方雨虹 | 控股股东李卫国拟减持不超3.00%股份 | | 3 | 视觉中国 | 实际控制人廖道训等拟合计减持不超过1.85%公司股份 | | 4 | 恒邦股份 | 股东恒邦集团及其一致行动人拟合计减持不超1%股份 | | 5 | 百达精工 | 股东杭州重湖拟合计减持不超2.00%股份 | | 6 | 傲农生物 | 股东拟合计减持不超1%股份 | | 7 | 复洁科技 | 实际控制人及其一致行动人拟减持不超过1% | | 8 | 索姜股份 | 股东高新投集团拟减持不超3%股份 | | | | 1月27日上市公司盘后增持情况 | | --- | --- | ...

(本文来自第一财经) 视觉中国公告，公司实际控制人廖道训、吴玉瑞、柴继军因自身资金需求，计划在2026年2月26日至5月 25日期间，以集中竞价和大宗交易方式减持公司股份合计不超过1295万股，即不超过公司总股本的 1.85%。减持价格按照减持实施时的市场价格确定。 ...

格隆汇1月27日｜视觉中国公告，公司实际控制人廖道训4154.06万股占5.94%、吴玉瑞7689.13万股占 10.99%、柴继军2939.38万股占4.20%，三人合计持股1.48亿股占21.13%，拟于2026年2月26日至2026年5 月25日通过集中竞价减持不超699.58万股、大宗交易减持不超595.42万股，合计不超1295万股，即不超 1.85%。持股8.78%股东梁军现持6143.58万股（总股本699,578,636股，已扣除回购专用账户中998,800 股），拟因资金需求于2026年2月26日至2026年5月25日通过集中竞价减持不超560万股，占总股本 0.8%，股份来源为2014年重组上市取得。 ...