On the market reaction, the holdings of major shareholders make significant effect on stock prices, and the excess returns reach maximum in the announcement the day before the announcement date.

The specificity of times, the sensitivity of the status of its large shareholders, as well as its positive significance of the market, so as to make it the focus of the market from the outset.

Sep 25, Chinese stock advanced for a second day rising with the share buying of China Unicom and the government eased restrictions on shares buying by controlling shareholders.