Shanghai Broadband Technology: Major shareholder's stake frozen as key executive resigns

Shanghai Broadband Technology announced that Kunming Industrial Investment, a shareholder holding 6.32% of the company's total share capital, has had its entire stake preemptively frozen. This action stems from Kunming Industrial Investment's guarantee for a loan agreement between Kunming Chengtou Logistics Co. and Five Minerals International Trust Co., involving 515 million yuan. The freeze, effective until November 18, 2025, covers all 20,785,371 shares held by Kunming Industrial Investment. Despite this, the company asserts that the share freeze will not alter its control or impact its operations, with no immediate risk of forced liquidation.

Concurrently, the company also reported the resignation of Yun Feng from his positions as director, board secretary, and financial controller, citing personal health reasons. His departure is effective immediately. Yun Feng held no shares in the company and had no outstanding commitments.

The company will appoint chairman Wang Tianyang to serve as acting board secretary and financial manager Yang Xiuxin as acting financial controller during the interim. Shanghai Broadband Technology assured that the board will proceed with the necessary appointments for these roles swiftly.