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Xiangcai Shares: The controlling shareholder and its concerted parties have collectively pledged 35.65% of the company's shares
Beijing Business Daily News (Reporter Liu Yuyang) reported: On April 8, Xiangcai Co., Ltd. announced that the company recently received a notice from the controlling shareholder’s concerted action party, Quzhou Xinan Development Co., Ltd. (hereinafter referred to as “Quzhou Development”), informing it that the shares it holds have been processed for a pledge.
Specifically, starting from April 7, Quzhou Development pledged 47 million shares of Xiangcai Co., Ltd. to the Shanghai Branch of Tianjin Bank Co., Ltd., accounting for 1.64% of Xiangcai Co., Ltd.’s total share capital. The pledged financing funds are used for the day-to-day operations of Quzhou Development’s subsidiaries. As of the date the announcement is disclosed, Xiangcai Co., Ltd.’s controlling shareholder and its concerted action parties have cumulatively pledged approximately 1.154 billion shares, accounting for 35.65% of the company’s total share capital.