Jinyuan Shares' controlling shareholder completes unlocking of 10.87 million shares and pledges 9.5 million shares, with the total pledge ratio reaching 66.46%.

On March 26, 2023, Jinyuan Environmental Protection Co., Ltd. (Stock code: 000546,简称 “Jinyuan Co., (Rights Protection)”) announced that its controlling shareholder, Jinyuan Holding Group Co., Ltd. (简称 “Jinyuan Holding”), recently completed the release and re-pledging of some of its shares. This operation involved解除质押 of 10.87 million shares and新增质押 of 9.5 million shares, with the purpose of the pledge being for its own production and operation.

The announcement shows that on March 24, 2026, Jinyuan Holding解除质押 of 10.87 million shares pledged on July 15, 2025, representing 4.69% of its total shareholding and 1.40% of the company’s total share capital. On the same day, Jinyuan Holding再将950,000 shares pledged to the same pledgee, accounting for 4.10% of its total shareholding and 1.22% of the company’s total share capital. Notably, all pledged shares this time are freely tradable circulating shares and are not part of supplementary pledges. The pledge agreement does not specify a clear maturity date, and Jinyuan Holding will use self-raised funds as the source of repayment.

As of the disclosure date, the share pledge situation of Jinyuan Holding and its concerted action partner, Hangzhou Jinyuan Shenghui Enterprise Management Co., Ltd. (简称 “Jinyuan Shenghui”), is as follows:

| — | — | — | — | — | — | — | — | — | — | — | | Jinyuan Holding | 231,907,628 | 29.82% | 147,340,000 | 156,840,000 | 67.63% | 20.17% | 0 | 0.00% | 0 | 0.00% | | Jinyuan Shenghui | 4,074,048 | 0.52% | 0 | 0 | 0.00% | 0.00% | 0 | 0.00% | 0 | 0.00% | | Total | 235,981,676 | 30.35% | 147,340,000 | 156,840,000 | 66.46% | 20.17% | 0 | 0.00% | 0 | 0.00% |

The company emphasizes that currently, Jinyuan Holding and Jinyuan Shenghui do not face risks of延期 or平仓 for pledged shares exceeding 5%. The current pledge financing is not used for the company’s production and operation, nor does it involve performance compensation obligations. Meanwhile, the controlling shareholder does not have any non-operational capital occupation or illegal guarantees harming the company’s interests. The share pledge matters have no significant impact on the company’s production, operation, or governance.

Market analysts point out that this “release first, pledge later” operation by the controlling shareholder may reflect its effort to optimize its own capital structure while maintaining control over the company. Jinyuan Holding’s current pledged ratio has reached 66.46%, which is relatively high, but the company has stated that it has the ability to repay the funds, and all pledged shares are freely tradable circulating shares, reducing short-term平仓风险. Investors should continue to monitor the subsequent pledge activities of the controlling shareholder and the company’s operational status.

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