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Large shareholders of a number of companies listed in Shanghai and Shenzhen have been reducing their holdings since the beginning of May, according to disclosures to the bourses concerned.
根据相关交易所披露，自5月初开始，沪深两市不少上市公司的大股东持续减持。
Market observers said this paring of holdings may dent small investors' confidence and hurt prices of the stocks concerned.
市场观察人士称，减持行为可能会挫伤小投资者的信心，并拖累相关股价。
In the first seven trading days this month, large shareholders sold 543 million shares worth 14.02 billion yuan in various companies, according to the China Securities Journal.
《中国证券报》称，在本月头7个交易日里，大股东抛售各公司股票5.43亿股，总价值达140.2亿元，几乎相当于5月份全月减持市值。
This almost matched similar selling through all of May, which saw big shareholders' sales of 435 million shares worth 14.43 billion yuan.
5月份，大股东减持了4.35亿股，价值为144.3亿元。
According to the Journal, 45 companies, through 52 filings, disclosed large shareholders' plans to sell 1.216 billion shares worth 29.14 billion yuan or $4.43 billion.
根据《中国证券报》报道，45家企业在52份申请文件中披露大股东计划出售12.16亿股，价值值291.4亿元。
They will sell these shares gradually in three months to a year as per regulations. A big shareholder is required to disclose any substantial paring of its holding and complete such sales within a given timeframe.
这些大股东将按规定在三个月到一年的时间逐步售出股份。一个大股东须在给定的时间内披露其控股的实质减持和完成售股的情况。
Since the beginning of May, big shareholders in nine companies listed in Shanghai and Shenzhen disclosed that they are going to sell all their holdings. Among them, three firms will see big shareholders selling shares worth more than 1 billion yuan within 12 months.
自五月初以来，在上海和深圳上市的九家公司的大股东披露将售出其持有股。其中，三家企业的大股东在一年内卖出价值超过10亿元的股份。
Many of the companies that are seeing selling by large shareholders are small- to medium-cap enterprises in emerging sectors such as biochemicals and high-tech. For instance, Shanghai Hile Bio-Pharmaceutical Co Ltd, a drugmaker, has seen heavy selling in their counters.
据该报报道，大股东所减持的很多企业都是生化药剂、高科技等新兴行业的中小型企业。例如，制药企业上海海利生物制药有限公司就发生过股票大量抛售的情况。
On May 3, the first trading day of the month, shares in Hile Bio-Pharma closed at 42.97 yuan in Shanghai. But by June 1, they fell to 16.37 yuan. They closed at 15.22 yuan on Friday, marking a 65 percent decline since May 3.
5月3日是本月的第一个交易日，海利生物制药股在沪收盘价是42.97元。然而到了6月1日，股价跌至16.37元。5月17日，该公司的收盘价是15.22元，这意味着自5月3日以来他们下跌了65%。
Although the meltdown is attributable to the automatic price shrinkage due to the company's 13-for-10 stock split on May 4, the large shareholders' selling is also believed to be a major factor.
尽管因为该公司5月4日股票分割比例是13:10，本次危机是由自动价格收缩造成的，但是大股东售股也被认为是一个主要因素。
A research note from Ping An Securities said quite a number of companies in emerging sectors listed recently, suggesting that large shareholders may be exiting to secure their gains.
平安证券的一份研究报告指出，许多新兴行业企业最近才上市，这表明大股东可能会为确保他们的收益而退出。
Citing filings, analysts attributed the selloff to big shareholders' desire to stay liquid.
分析人士援引一些申请文件称，将这些抛售归因于大股东想要保持其资产流动。
A research note from Chang Xin Asset Management said recent paring of holdings had a limited impact on the A-share market so far, given the small size of sales relative to the whole market. But small investors holding shares in these stocks may feel the pinch due to falls in prices.
长信资产管理公司的研究报告称，由于相对整个市场而言，大股东售股规模还算小，迄今为止，近期减持对A股市场影响有限。但由于股价下跌，中小额投资者持股可能会感受到压力。
Zhang Shaofen, 56, a Shanghai-based small investor, said it is understandable if big shareholders like institutional investors reduce their holdings to boost their liquidity. But, if individuals such as company founders or senior executives, or their family members, are behind such sales, it could mean they are cashing out or eager to get rid of the company's shares for some reason.
今年56岁的张少芬是上海的散户。她表示，如果大股东是机构投资者为了提高资产流动性而减持，那么是可以理解的。但是，如果售股背后是企业的创始人或高级管理人员，或者他们的家庭成员，这可能意味着他们是出于某种理由而要套现或是想要清仓。
"Usually, individual large shareholders have close knowledge of a company's profitability, operations and financial situation. If such individuals sell shares in bulk deals, small investors may interpret the move as a sign of erosion of confidence in the company's future."
“通常情况下，个人大股东对企业的盈利能力，运营和财务状况有亲身的了解。如果这些大股东在大规模交易售股，散户可能会认为是持股人对企业未来的信心逐渐降低了。”
But brokerages said block deals do not necessarily mean big shareholders are giving up on the company or that they are cashing out or exiting for good.
但一些券商表示，大规模股份交易并不一定意味着大股东要放弃这家企业、或是要兑现，或是永远退出。
A research note from Guangfa Securities said some block deals could well be in anticipation of possible mergers and acquisitions. MA activity usually stands a better chance of success when the equity structure is clear and simple.
广发证券的一份研究报告称，一些大规模股权交易很有可能是对合适的并购的预期。股权结构简单清晰时，并购活动通常有可能有机会成功。
