Shanshan Group's frozen shares released, boosting Ningbo Shanshan liquidity

Ningbo Shanshan Co., Ltd. announced that 287,012,036 shares held by its controlling shareholder, Shanshan Group Co., Ltd., which were subject to sequential freeze, have been unfrozen as of September 24, 2025. This represents 89.61% of Shanshan Group's total holdings and 12.76% of the company's total share capital.

The unfreezing of shares is a result of the Hangzhou Yinzhou District People's Court's ruling on March 20, 2025, to allow Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. to undergo substantive merger and reorganization. The administrator applied to relevant courts to lift the property preservation measures on Shanshan Group's assets, leading to the release of the shares.

Following this release, Shanshan Group and Pengze Trading collectively hold 525,561,456 shares, representing 23.36% of the company's total share capital.