Lingyi iTech's controlling shareholder pledges additional shares

Lingyi iTech (SZSE:002600) announced that its controlling shareholder, Lingsheng Investment (Jiangsu) Co., has pledged 76.9 million shares of the company. The pledged shares represent 1.86% of Lingsheng Investment’s total holdings and 1.10% of Lingyi iTech’s total share capital. The pledges are for supplementary working capital. Following the transaction, Lingsheng Investment has cumulatively pledged 392 million shares, representing 9.47% of its holdings and 5.59% of Lingyi iTech’s total share capital. The company stated that the share pledge does not present a risk of forced liquidation and will not impact its operations. As of the announcement date, controlling shareholder Lingsheng Investment (Jiangsu) Co. and consistent actor Ms. Zheng Fangqin cumulatively hold 4,284,060,867 shares representing 61.13% of shares, 392,000,000 being pledged, with 108,402,634 being restricted.