Shemar Electric controlling shareholder pledges shares, associate releases pledges

Jiangsu Shemar Electric Company Limited has disclosed that its controlling shareholder, Shanghai Shemar Electric Holdings Co., Ltd., has pledged 14.77 million shares, representing 5.47% of its total holdings and 3.42% of the company's total share capital. Following this transaction, Shemar Holdings' cumulative pledged shares amount to 33.77 million, or 12.51% of its holdings and 7.82% of the company's total share capital. The pledge is for project investment.

Concurrently, Chen Xiaoqin, an associate of the controlling shareholder, has fully released all 25.70 million pledged shares. This represents 38.14% of her holdings and 5.95% of the company's total share capital, leaving her with no outstanding pledged shares. Chen holds 67.3853 million shares, accounting for 15.61% of the company's total share capital.

Shemar Holdings and Chen Xiaoqin collectively hold 337.3853 million shares, representing 78.16% of the company's total share capital. Their combined cumulative pledged shares stand at 33.77 million, equating to 10.01% of their total holdings and 7.82% of the company's total share capital. The company asserts that the controlling shareholder and its associate possess the ability to fulfill their obligations, and there are no risks of forced liquidation that would negatively impact the company's operations or governance.