Fuchun Technology's controlling shareholder pledges shares

Fuchun Technology (SZSE:300299) announced that its controlling shareholder, Fujian Fuchun Investment Co., Ltd., has pledged 17 million shares, representing 16.53% of its holdings and 2.46% of Fuchun Technology's total share capital, to China's Hua Xia Bank as collateral for financing purposes. Following this transaction, Fujian Fuchun Investment's cumulative pledged shares amount to 57.3 million, or 55.70% of its stake and 8.30% of Fuchun Technology's total equity. The pledge is set to mature on February 14, 2025. Fuchun Technology states that the controlling shareholder maintains a sound credit profile and that the pledged shares do not currently face risks of forced liquidation.