Hongfa Tech: Shareholder unwinds pledge on 17m shares
Hongfa Technology (SSE:600885) announced that its controlling shareholder, Youge Venture Capital, has released 17,038,000 shares from a previous pledge. The shares, representing approximately 5.98% of Youge's holdings and 1.63% of Hongfa's total share capital, were originally pledged to Xiamen Rural Commercial Bank. The release was completed on March 25, 2025. Following this transaction, Youge Venture Capital still holds 285,154,494 shares in Hongfa, representing 27.35% of the total share capital, with 51,200,000 of these shares remaining pledged. Hongfa has stated that the existing share pledges by Youge Venture Capital do not currently pose a risk of forced liquidation and will not materially affect the company's operations or governance.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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