Kingland Pipeline's controlling shareholder extends share pledge

Zhejiang Kingland Pipeline & Technologies Co., Ltd. announced that its controlling shareholder, Shanghai Kingland Smart Enterprise Development Group Co., Ltd., has extended the pledge of 13,000,000 unrestricted tradable shares. These shares were originally pledged to Zhejiang Yintong Pawn Co., Ltd. with an initial maturity date of October 10, 2025. The pledge has now been extended to April 10, 2026.

These 13,000,000 shares represent 11.76% of Shanghai Kingland Smart Enterprise Development Group Co., Ltd.'s total holdings and 2.50% of Kingland Pipeline's total share capital. Following this extension, the total number of pledged shares held by the controlling shareholder remains at 55,000,000, representing 49.75% of its total holdings and 10.57% of Kingland Pipeline’s total share capital. The pledge is for the purpose of the shareholder's own production and operation.

The company affirmed that Shanghai Kingland Smart Enterprise Development Group Co., Ltd. maintains good credit and repayment capabilities, indicating that the share pledge risk is controllable. The extension is not expected to result in forced liquidation or transfer, nor will it lead to a change in the company’s controlling shareholder or actual control. The pledge does not affect the company's production and operation, corporate governance, or performance compensation obligations.