Major Phoenix Shipping shareholder to reduce stake by up to 3%

Hua Yuan International Land Port Group Co., Ltd., which holds a 5.9164% stake in Phoenix Shipping (Wuhan) Co., Ltd., intends to reduce its holdings by up to 30,362,400 shares. This amount is equivalent to 3% of the company's total share capital. The reduction will occur within three months, following 15 trading days from the disclosure date.

The share reduction will be executed through both centralized bidding and block trading. Hua Yuan International Land Port Group Co., Ltd. plans to sell up to 10,120,800 shares via centralized bidding and up to 20,241,600 shares through block trading. The shares were acquired in May 2021 through a judicial auction, and the sale is for operating capital.

The company stated that the reduction plan is at market prices and will not alter the company's control, impact its governance structure, or ongoing operations. Shareholders should note that the actual implementation, timing, and pricing are subject to market conditions and may therefore be uncertain.