Neway Valve's controlling shareholder releases significant share pledge

Suzhou Neway Valve Co., Ltd. announced that its controlling shareholder, Mr. Xi Chao, has released a pledge on 9,250,000 shares. This transaction represents 11.07% of Mr. Xi's total holdings and 1.19% of the company's total share capital. Following this release, Mr. Xi Chao now holds no pledged shares.

The release of shares by Mr. Xi Chao was funded through his own resources. While this significantly reduces the overall pledged holdings among the controlling shareholders, Mr. Cheng Zhangwen still has 6,500,000 pledged shares, representing 5.35% of his direct holdings and 0.84% of the company's total share capital. This pledge, corresponding to a financing amount of 6,000 million yuan, is set to mature within the next six months.

As of the announcement date, the controlling shareholders and their consistent actors collectively hold 486,259,648 shares, accounting for 62.70% of the company's total share capital. The company asserts that the controlling shareholders possess good credit standing and repayment capability, with sources including stock dividends and investment income. They maintain that the pledge risk is controllable, poses no threat of liquidation, and will not affect Neway Valve's operations or governance.