Phoenix Shipping shareholder plans to reduce stake

Chang Jiang Shipping Group Phoenix (SZSE:000520) announced that shareholder Hua Yuan International Land Port Group plans to reduce its stake in the company. Hua Yuan, currently holding 70,000,000 shares, representing 6.92% of Phoenix Shipping's total share capital, intends to sell up to 30,362,400 shares, equivalent to 3% of the company. The reduction will occur within a three-month period, commencing 15 trading days after the announcement date, through either centralized competitive bidding or block trading. A maximum of 10,120,800 shares will be sold via centralized bidding, while the remainder will be sold via block trades. Hua Yuan stated the move is to meet business development needs, and emphasized that the plan will not impact Phoenix Shipping's governance or operations.