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guizhou sanli's actual controller, zhang hai and his mother wang huiying, quickly began to sell off their shares to cash out after the company's stock lock-up period was lifted. from july 2023 to august 2024, they cashed out a total of about 710 million yuan in various ways. this behavior was in stark contrast to the promises zhang hai made when the company went public, raising public doubts about his integrity.

on april 28, 2020, guizhou sanli was successfully listed on the shanghai stock exchange. with the end of the three-year restricted sale period, zhang hai and his mother wang huiying quickly began to sell off their shares and cash out. on april 28, 2023, guizhou sanli issued an announcement announcing that the restricted shares issued in the initial public offering could be publicly circulated. zhang hai and wang huiying seemed to have been looking forward to this day for a long time and were eager to sell all their shares.

on july 5, 2023, zhang hai and his mother wang huiying announced their share reduction plan. according to the plan, they intend to reduce their holdings by no more than 6% of the company's equity through block trading and competitive bidding in the next six months. this reduction ratio is based on the restrictions of relevant regulations, that is, major shareholders cannot reduce their holdings by more than 1% through competitive bidding within three months, and block trading cannot exceed 2%, so the total within half a year is 6%. it is worth noting that in this reduction, zhang hai completely transferred his shares to his mother wang huiying.