Legal analysis: the controlling shareholders of listed companies, shareholders holding more than 5% of shares (hereinafter referred to as major shareholders) and directors reduce their shares, as well as shareholders reduce their shares issued before the company and non-public shares issued by listed companies.

Legal basis: Article 13 of the Company Law of People's Republic of China (PRC), the legal representative of the company shall be the chairman, executive director or manager as stipulated in the articles of association, and shall be registered according to law. Where the legal representative of the company changes, it shall go through the registration of change.