Meijin Energy's largest shareholder pledges 80% of holdings

Shanxi Meijin Energy announced its largest shareholder, Meijin Energy Group, pledged an additional 35.3m shares on July 28, representing 0.80% of total share capital.

Following this transaction, Meijin Energy Group's total pledged shares now exceed 80% of its holdings. The group's cumulative pledged shares total 1.65bn, representing 100% of its holdings and 37.38% of the company's total share capital.

The pledges are for supplementing working capital. Despite the high pledge ratio, the company states associated risks are controllable.