Nanjing Gaoke's controlling shareholder faces extended share freeze

Nanjing Gaoke Co., Ltd. announced the continuation of a judicial freeze on 141,193,607 shares held by its controlling shareholder, Nanjing Xin'gang Development Co., Ltd. This represents 23.49% of Nanjing Xin'gang Development Co., Ltd.'s total holdings and 8.16% of Nanjing Gaoke's total share capital. The freeze, stemming from a dispute between Ping An Trust Co., Ltd. and Ji Changqun along with Nanjing Xin'gang Development Co., Ltd., was extended to November 12, 2028, following an application by Ping An Trust Co., Ltd.

The initial freeze in November 2022 involved 229,000,000 shares. A Guangdong Provincial High People's Court ruling in December 2024 ordered Ji Changqun and Nanjing Xin'gang Development Co., Ltd. to pay Ping An Trust Co., Ltd. an amount totaling 1,570,410,962.67 yuan, including principal, interest, and legal fees. Following partial repayment, 87,806,393 shares were unfrozen, leaving the current 141,193,607 shares still under judicial freeze.

Nanjing Xin'gang Development Co., Ltd. is actively working to resolve the remaining share freeze. Nanjing Gaoke Co., Ltd. will continue to monitor the situation and provide timely disclosures of any further developments.