Generally speaking, holding less than 5% of shares is because once the upper limit of 5% is reached, it is called placarding, and special announcement is needed to be qualified to recommend their own people to the board of directors to participate in daily business decisions, while other small and medium shareholders can only exercise their voting rights at the shareholders' meeting.
There is no difference in theory, such as dividends, participation in company management decisions, and residual claims.
In fact, the majority shareholder uses the controlling stake to control the company, which secretly harms the interests of the minority shareholders. In this sense, they have different functions.