Ann: Company presentation, page-116

That retail ownership has increased a lot over the years, but buyback is limited as Yankuang wants the cash and FIRB had concerns that their ownership not increase (not that it stopped them lobbing a lowball bid for Glencore/Cinda in 22).
Back in 2018, retail owned 10%. Since that time Glencore completely sold out 6.4%, Shandong investments sold their 5.4% and Cinda has sold 3.3% of their stake (just in last year sold about 1.2%).
I remember buying a small parcel in mid 2019 and it was painfully illiquid, b/s spread of like 10-15c at times and frequently just 1 share would trade to push the price to lower side. It has changed a lot since then, way way better with the increased retail ownership.
Suspect Cinda will continue drip feeding their shares on market, they've done similar at this time of year last 2 years, and likely need the cash.