Ningbo Shanshan indirect shareholder's auctioned shares find buyer

Ningbo Shanshan Co., Ltd. announced that 4,260,200 unrestricted shares, held by its indirect controlling shareholder, Shanshan Holdings Co., Ltd., were successfully auctioned on the Ali Auction platform. This block represents 11.50% of Shanshan Holdings’ total shares in the company and 0.19% of the company's total share capital. The winning bid was submitted by Zhong Ge, with a final price of ¥57,707,555.

The auction's successful bid does not yet signify a final transfer of ownership, as payment and equity transfer procedures are still pending. The final outcome will be subject to the auction confirmation ruling issued by the Shanghai Pudong New Area People's Court. The company previously disclosed the upcoming auction on July 10, 2025, and August 14, 2025.

Additionally, 29,580,000 restricted shares (1.32% of the company's total share capital) held by Ningbo Yinzhou Jielun Investment Co., Ltd., a wholly-owned subsidiary of Shanshan Holdings, were also successfully auctioned on August 26, 2025, but the transfer process is incomplete. Should both judicial auctions conclude with full transfers, the combined stake of the company's controlling shareholder and its concerted parties would decrease from 26.36% to 24.85%, with no anticipated change in control.