Xiangcai Shares: associate adjusts share pledges, maintains high pledge levels

Quzhou Xinan Development Co., Ltd., an entity acting in concert with the controlling shareholder of Xiangcai Shares, recently executed a share pledge adjustment. The entity released 4.7m shares, representing 1.01% of its total holdings and 0.16% of the company's total share capital, effective November 20, 2025. Following this release, Quzhou Xinan's total pledged shares amounted to 377.45m shares, or 81.27% of its holdings.

Concurrently, Quzhou Xinan pledged 4.7m shares to CITIC Bank Corporation Limited Hangzhou Branch for daily operations, maintaining its total pledged shares at 382.15m shares, which accounts for 82.28% of its holdings and 13.37% of Xiangcai Shares' total capital. Including its associates, the cumulative pledged shares stand at 1.07bn shares, representing 92.87% of their combined holdings and 37.49% of the company's total share capital.

Another controlling shareholder, Xinpu Holdings Limited, anticipates 190m shares to mature within the next six months, representing 16.50% of its holdings. The company maintains sufficient liquidity to repay debts and states there is no risk of forced liquidation.