GEM announces share pledge, release, and debt financing updates

GEM Co., Ltd. [SZSE:002340] announced that its controlling shareholder, Shenzhen Huifengyuan Investment Co., Ltd., has undertaken both share pledge and release transactions. Specifically, Huifengyuan pledged 28,000,000 shares to CITIC Securities and 37,770,000 shares to Guotai Haitong Securities, while releasing 30,000,000 shares and 44,900,000 shares from previous pledges to CITIC Securities and Guotai Haitong Securities, respectively. Following these transactions, Huifengyuan has a cumulative 65,770,000 shares pledged, representing 15.19% of its holdings and 1.28% of GEM's total share capital.