Qifeng New Material: Shareholders release pledged shares

Qifeng New Material (SZSE:002521) announced that its controlling shareholder, Li Xuefeng, and his concerted actor, Li Runsheng, have released a portion of their pledged shares. Specifically, 5,340,000 shares held by Li Xuefeng and 19,500,000 shares held by Li Runsheng were released, totaling 24,840,000 shares or 4.44% of the company's total share capital. Following this transaction, the cumulative pledged shares by the controlling shareholder and his concerted actor amount to 34,670,000 shares, representing 17.25% of their holdings and 6.19% of the company's total share capital. The company stated that the share pledge does not pose a risk of price collapse, will not result in a change of control, and will not substantially impact the company's operations.