Zhongfu Straits' shareholder pledges stake amid buyback progress

Zhongfu Straits Pingtan Development (SZSE:000592) announced that its controlling shareholder, Fujian Yamada Industrial Development, has pledged 7.5 million shares, representing 2.27% of its holdings and 0.39% of the total share capital, to Fujian Haixia Bank for financing purposes. Following this pledge, Yamada Industrial's cumulative pledged shares increased to 13.022 million shares, accounting for 39.34% of its holdings and 6.74% of the company's total share capital. This development occurs as Zhongfu Straits actively pursues its share repurchase plan, initiated in June 2024, with the aim of maintaining company value and shareholder interests. As of February 28, 2025, the company had repurchased 37.7766 million shares, representing 1.9555% of its total equity, at a total cost of RMB 56.191215 million. The company noted that the repurchase activities are within the parameters set by the buyback plan. Zhongfu Straits will continue to disclose updates on both the share pledge and repurchase activities in compliance with regulatory requirements.