Xiangcai controlling shareholder pledges 95% of holdings

Xiangcai's controlling shareholder and its affiliates have pledged 95% of their combined holdings, totaling 1.1 billion shares or 38% of the company's total share capital.

The extensive pledging involves affiliate Qinzhou Development, which pledged 88% of its 464 million shares representing 16% of Xiangcai's total stock.