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Xiangtan Electric controlling shareholder partially releases and renews pledge

April 25, 2025 at 05:25 AM UTCBy FilingReader AI

Xiangtan Electric Manufacturing (SSE:600416) announced that its controlling shareholder, Xiangdian Group, released a pledge of 12,000,000 shares, representing 6.63% of its holdings, on April 23, 2025, and immediately re-pledged the same amount. Following these transactions, Xiangdian Group’s total pledged shares remain at 177,000,000, accounting for 97.8% of its total holdings and 13.35% of Xiangtan Electric's total share capital. Xiangdian Group and its affiliated entity, Hunan Xiangxiang Investment Holding Group, collectively hold 406,919,250 shares, representing 30.7% of the company's total share capital, with total pledged shares representing 43.5% of this combined amount. Xiangdian Group intends to use funds from the pledge for working capital purposes, relying on operating income and self-raised funds for repayment. The announcement stated the pledge does not pose significant risks to the company's operations or control.

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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