Huayi Brothers: Ali Venture Capital and Jack Ma reduce stake below 5%

Hangzhou Ali Venture Capital Co. (Ali Venture Capital) and Jack Ma, acting in concert, completed a reduction in their shareholding in Huayi Brothers Media Corporation on December 17, 2025. Through a block trade, Ali Venture Capital divested 29,526,820 shares, representing 1.064219% of the company's total share capital. The transaction occurred at a price of CNY 2.11 per share.

This transaction reduced Ali Venture Capital's direct stake from 3.467799% to 2.403580%. Consequently, the combined stake of Ali Venture Capital and Jack Ma decreased from 6.064215% to 4.999996%, falling below the 5% threshold. Post-reduction, they collectively hold 138,725,196 shares. The company states that this change helps stabilize the equity structure and will not impact its normal operations, controlling shareholder, or actual controller.

The shares involved in this reduction originated from the company's non-public issuance. Ali Venture Capital has no current plans for further increases in shareholding within the next 12 months but does not rule out further reductions. The disclosed information confirms no restrictions on the remaining shares held by the entities.