By the background of a equity division reform in China as the background and based on the theory of multiple large shareholders in the West and the method of multiple cases study, the paper selects five listed enterprises (the first group: Tibet Rhodiola Pharmaceutical Holding Co., Ltd, Jinzhou Port Co., Ltd; the second group: Yunnan Jinggu Forestry Co., Ltd, Sichuan Tianyi Science & Technology Co., Ltd, Zhongbai Holdings Group Co., Ltd) of two groups with multiple large shareholders and explores the balancing path of the second largest shareholders through study of longitudinal study in the cases, comparative study within the group and comparative study of cross-cases between groups. The results show that : the second largest shareholder can balance the largest shareholder by introducing associated shareholders, striving for board seats after the equity division reform; regardless of the path taken by the second-largest shareholder, the second-largest shareholders themselves will receive certain benefits, but it cannot guarantee the enterprises’ overall efficiency; and the balancing of privately operated second-largest shareholders of the state-owned enterprises in the competition has no violation of the principle of efficiency.