Eastern Shenghong shareholder pledges shares for business needs

Jiangsu Eastern Shenghong (SZSE:000301) announced today that Shenghong Petrochemical Group, a party acting in concert with the company's controlling shareholder, Jiangsu Shenghong Technology, has pledged 91,000,000 shares of the company. The pledged shares represent approximately 8.13% of Shenghong Petrochemical's holdings and 1.38% of Eastern Shenghong's total share capital. The pledge, effective from May 21, 2025, is due to mature on May 21, 2026 and are held by CITIC Securities. The company stated that the pledge is for Shenghong Petrochemical's production and operating needs. Following this transaction, Shenghong Petrochemical has a cumulative total of 127,000,000 pledged shares, representing 11.35% of its holdings in Eastern Shenghong and 1.92% of the total share capital. The company also noted that the pledge does not involve performance compensation obligations and that the controlling shareholder and its parties acting in concert have a cumulative pledge representing 2.86% of their total holdings.