Zhongya Stock announced on the evening of October 7 that Chairman and actual controller Shi Zhongwei and several concert parties disclosed reduction plans, intending to reduce holdings by no more than 11.779 million shares in total. Among them, Shi Zhongwei, holding 9.37%, plans to reduce 9 million shares, accounting for 2.1992% of total share capital; Hangzhou Fupai Management Consulting Co., Ltd., holding 4.5751%, plans to reduce 1.5 million shares, accounting for 0.3665%; Hangzhou Gaodi Enterprise Management Consulting Co., Ltd., holding 1.1894%, plans to reduce 600,000 shares, accounting for 0.1466%; Song Lei, holding 0.3496%, plans to reduce 600,000 shares, accounting for 0.1466%; Xu Juhua, holding 0.0744%, plans to reduce 79,000 shares, accounting for 0.0193%. The above reductions will be carried out within three months after 15 trading days from the disclosure date of the announcement, through centralized bidding or block trading. The announcement stated that the reductions by Shi Zhongwei, Song Lei, and Xu Juhua are due to personal capital needs, while Hangzhou Fupai and Hangzhou Gaodi are employee stock ownership platforms of the company, and these reductions are to meet the capital needs of some employees. Hangzhou Fupai and Hangzhou Gaodi are companies controlled by Shi Zheng, son of Shi Zhongwei; Song Lei is the spouse of Shi Zheng; Xu Juhua is the sister of Xu Manhua, spouse of Shi Zhongwei; all four are concert parties of Shi Zhongwei. The company stated that this reduction plan involves uncertainty regarding the timing, price, and whether it will be completed as scheduled, and its implementation will not lead to a change in company control, nor will it affect the corporate governance structure or ongoing operations.
Hangzhou Zhongya Machinery Co LtdChairman and actual controller Shi Zhongwei and concert parties plan to reduce holdings by up to 11.779 million shares, a large insider sell-down.
