Shanshan indirect controlling shareholder's shares face rotational freeze

Ningbo Shanshan Co. announced on October 24, 2025, that its indirect controlling shareholder, Shanshan Holdings Co., has had a significant portion of its shares frozen. A total of 115,636,809 shares held by Shanshan Holdings are subject to rotational freeze, representing 5.14% of the company's total share capital. This includes shares frozen by Hangzhou Intermediate People's Court, Ningbo Intermediate People's Court, and Shanghai Pudong New Area People's Court, with freeze periods commencing from July 11, 2025, October 15, 2025, and October 22, 2025, respectively.

Shanshan Holdings' cumulative rotationally frozen shares now total 1,040,095,828, accounting for 3,171.78% of its holdings and 46.24% of Ningbo Shanshan’s total share capital. The company clarified that the "cumulative frozen quantity" does not include these new rotational freeze numbers.

This development follows earlier disclosures regarding Shanshan Group's financial difficulties, including overdue debts and ongoing litigation, which led to a substantive consolidated restructuring. Despite these issues, Ningbo Shanshan maintains its independence from the controlling shareholder in asset, business, and financial aspects, stating that the share freeze is not expected to significantly impact its production, operations, or corporate governance.