Binjiang Real Estate shareholder to trim stake for social initiatives

Hangzhou Binjiang Real Estate Group Co., Ltd. announced that three investment funds—Redli 72, Redli 73, and Redli 74—plan to reduce their collective holding of 89,522,500 shares, representing 2.88% of the company's total share capital. These funds, managed by Zhuhai Abama Private Equity Fund Management Co., Ltd., are considered concerted parties of Hangzhou Binjiang Investment Holdings Co., Ltd., the controlling shareholder.

The planned reduction will occur within three months, starting fifteen trading days after the announcement. The shares, acquired through block trades, will be sold via centralized bidding and block trading. The maximum reduction through centralized bidding is 1% of total share capital within any 90-day period, while block trading allows for up to 2% within any 90-day period. The primary reason for the sell-off is to provide financial support for long-term investments in rural revitalization and social welfare initiatives.

The total planned reduction will not exceed 89,522,500 shares. The company noted that this reduction is a normal action and is not expected to significantly affect its governance or equity structure, future operations, or lead to a change in the company's control.