Tianshan Aluminum’s de facto controller pledges shares

Tianshan Aluminum Group Co., Ltd. (002532) disclosed on September 17, 2025, that its de facto controller, Zeng Chaolin, has pledged 34 million shares. This represents 11.26% of his total holdings and 0.73% of the company's total share capital. The pledge, which began on September 15, 2025, and matures on August 27, 2027, was executed with Galaxy Gold Securities Asset Management Co., Ltd. and is intended to repay existing debt. The company clarified this pledge does not involve any performance compensation obligations related to major asset restructurings.

Looking ahead, Zeng Chaolin and his concerted parties have a significant amount of pledged shares maturing. Within the next six months, 132 million shares, or 6.76% of their holdings, will mature, corresponding to a financing balance of 350 million. Over the next year, the total rises to 280.5 million shares, or 14.36% of their holdings, with a financing balance of 850 million. The repayment for these obligations is expected to come from the shareholders' own funds.

The company emphasizes that its current operations are normal, and the share pledge is not expected to impact its production and operations or corporate governance. Tianshan Aluminum asserts that Zeng Chaolin maintains good credit standing and sufficient repayment capacity, mitigating any immediate risk of forced liquidation or transfer of shares.