Guangdong Yuehai Feeds' controlling shareholder pledges shares, board changes

Guangdong Yuehai Feeds' controlling shareholder, Zhanjiang Ocean Shrimp Feed Co., Ltd. (Ocean Shrimp Company), has pledged 4.66m shares, representing 1.76% of its holdings and 0.67% of the company's total share capital. The pledge, effective November 12, 2025, with no stated end date, is for supplementing working capital with Industrial Bank Co., Ltd. Zhanjiang Branch as the pledgee. Following this transaction, Ocean Shrimp Company’s cumulative pledged shares amount to 91.16m, or 34.45% of its total holdings, representing 13.02% of the company's total share capital. The company asserts the pledge carries no immediate risks of forced liquidation or transfer and does not impact operations or control.

In a separate announcement, Cai Xuming resigned from his non-independent director and audit committee member roles due to governance restructuring, effective upon the appointment of a new audit committee member. Concurrently, Zheng Chaoqun has been elected as an employee representative director and a member of the audit committee. Zheng Chaoqun, born in March 1979, joined the company in 2002 and has served in various management positions. He held 91.16m indirectly held shares in the company and previously served as an employee representative supervisor from February 2019 to November 10, 2025.

The board approved Zheng Chaoqun's appointment to the audit committee, which now includes Zhang Cheng and Li Xueyao, ensuring the committee meets the minimum member requirement.