Golden Dragon's controlling shareholder reduces stake after judicial auction

Guangdong Golden Dragon Development announced that its controlling shareholder, Dongguan New Century Science and Education Development Co., Ltd. (New Century Company), along with its concerted parties Yang Zhimao and Zhu Fenglian, completed the transfer of 30,000,000 A-share stocks as of November 25, 2025. These shares were part of a larger 43,500,000-share block judicially auctioned by the Chongqing Fifth Intermediate People’s Court. The transfer of the remaining 13,500,000 shares will be announced upon completion.

This transaction represents a 3.35% reduction in the concerted parties' total holdings, decreasing their combined ownership from 38.41% to 33.55%. Post-transfer, New Century Company now holds 132,500,000 shares (14.79%), down from 162,500,000 shares (18.14%). Despite this reduction, New Century Company remains the controlling shareholder, and Yang Zhimao remains the actual controller of Guangdong Golden Dragon Development.

The company emphasizes that this is a passive reduction due to judicial auction, not an active decision by the controlling shareholder, and will not impact the company’s operations. The 30,000,000 transferred shares are subject to a six-month lock-up period, prohibiting further reduction. The parties have no definite plans to increase or decrease holdings in the next 12 months, though further judicial auctions are possible due to existing share freezes.