New East New Materials: Shareholder equity change

New East New Materials (SSE: 603110) announced that the shareholding of controlling shareholder and actual controller, Xu Guangbin, decreased by 0.99997% due to judicial enforcement through centralized bidding transactions between November 20, 2024, and February 13, 2025. This change brings Xu Guangbin's stake to 12.54% of the company's total share capital, or 25,241,903 shares. While this change triggers disclosure requirements as it crosses an integer percentage threshold, the company maintains that Xu Guangbin remains the controlling shareholder and that the board structure supports this. The company also stated that it has not found that the judicial auction participants have any implicit ties to the actual controller. New East New Materials stressed that current production and operation activities are normal and that it will continue to monitor the progress of the judicial enforcement.