Zongshen Power faces share reduction from key shareholders

Chongqing Zongshen Power (SZSE:001696) announced that significant shareholders and a director intend to reduce their stakes in the company. Tibet Grand Long Technology Co., Ltd., holding 18.1118% of the total share capital (207,384,700 shares), plans to decrease its holdings by no more than 3%, or 34,350,807 shares, through centralized bidding and block trades within three months after 15 trading days from the announcement date. Additionally, director Mr. Li Yao, holding 0.0148% (169,700 shares), intends to reduce his holdings by no more than 42,425 shares, accounting for 0.0037% of the total share capital, via centralized bidding. The share reductions are motivated by the shareholder's business management needs and the director's personal funding needs. The company stated that the planned reductions will comply with relevant laws and regulations and will not affect Zongshen Power's control or operations.