When the proportion of the first largest shareholder is more than 50%, the private listed companies perform alignment effects, and the state-owned listed companies perform entrenchment effects.

当第一大股东持股比例大于50%时，民营上市公司表现为协同效应，而国有上市公司表现为壕沟效应。

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The first mover is expected to be Porsche, which now controls Volkswagen, which, in turn, is the largest shareholder in both Scania and MAN.

Porche（保时捷）将一马当先采取行动。 它目前控制着Volkswagen（大众），而后者又是Scania（斯堪尼亚）和MAN的最大股东。

youdao

The first mover is expected to be Porsche, which now controls Volkswagen, which, in turn, is the largest shareholder in both Scania and MAN.

ECONOMIST: The truck industry