Wanlang Magnetic Plastics (603150.SH) controlling shareholder plans to reduce its shareholding by no more than 3%.

China Fortune Financial News App reported that Wanlang Magnetics (603150.SH) announced that, due to its own capital needs, Mr. Shi Qianzhong, the controlling shareholder of the company, intends to reduce his shareholding in the company by a total of no more than 2.5645 million shares within 3 months after 15 trading days from the disclosure date of this announcement, through centralized bidding and block trading, with a reduction ratio not exceeding 3% of the company's total share capital.