Jingsong Intelligence: Shareholder Huamao Investment, holding more than 5%, was passively reduced by no more than 1% of shares due to judicial enforcement

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Hefei Jingsong Intelligent Technology Co., Ltd. (hereinafter referred to as “Jingsong Intelligent”) issued an announcement on March 25, 2026, stating that a shareholder holding more than 5% of the company’s shares, Huamao Investment Group Co., Ltd. (hereinafter referred to as “Huamao Investment”), will have its shares reduced passively for reasons of judicial compulsory enforcement, and plans to passively reduce no more than 1,006.0240 million shares of the company within the next 90 days, accounting for 1% of the company’s total share capital.

Basic information on the passive reduction subject

According to the announcement, as of the date of this announcement, Huamao Investment holds 73.79775 million shares of Jingsong Intelligent, accounting for 7.34% of the company’s total share capital. The sources of its shareholding include 4.3875 million shares obtained before the company’s initial public offering, and 29.92275 million shares added through the capitalization of capital reserves from equity distribution in 2023 and 2024 (of which 19.74375 million shares were transferred in 2023 and 10.1790 million shares were transferred in 2024).

Huamao Investment is not the controlling shareholder, actual controller, or party acting in concert of Jingsong Intelligent, nor is it a director, supervisor, or senior management personnel of the company. It is only a shareholder directly holding more than 5%. Notably, since the listing of Jingsong Intelligent, Huamao Investment has not conducted any share reduction.

Core contents of the passive reduction plan

According to the announcement, the implementation period of Huamao Investment’s passive reduction plan is from April 17, 2026 to July 16, 2026, namely within 90 days after the fifteen trading days following the pre-disclosure obligation for share reduction. The reduction method is centralized bidding on the exchange. The planned source of shares to be reduced is shares acquired before the IPO and shares obtained through capitalization of capital reserves. The reduction amount will not exceed 1,006.0240 million shares, accounting for 1% of the company’s total share capital. The reduction price will be determined based on the secondary market price at the time of the reduction.

Background of the reduction: Judicial compulsory enforcement triggered by financial loan contract disputes

The announcement shows that Huamao Investment’s passive reduction this time is driven by its dispute over a financial loan contract with Tianjin Branch of Shengjing Bank Co., Ltd. As early as June 15, 2022, the shares of Jingsong Intelligent held by Huamao Investment were successively subject to measures such as pledge registration, judicial freeze, and freeze with a subsequent scheduled freeze request. On January 12, 2026, the company received from the court an “Execution Ruling Letter,” which ruled that the “Jingsong Intelligent” shares held by Huamao Investment be sold by means such as centralized bidding or block trading. The number of shares applied for execution in this case is 6.0552 million shares, accounting for 6.02% of the company’s total share capital.

Regarding the share lock-up undertakings made earlier, Huamao Investment, on June 15, 2021, undertook that “within 12 months from the date of the company’s stock listing, the shares before the first issuance will not be transferred nor entrusted to others for management.” This undertaking was fulfilled upon the release of the lock-up for shares subject to the initial public offering lock-up on June 6, 2023. The announcement clarifies that this passive reduction is caused by judicial compulsory enforcement and does not involve any violation of the relevant undertakings.

Risk warnings and impact

In the announcement, Jingsong Intelligent states that this passive reduction plan is carried out as a reduction by a shareholder under judicial compulsory enforcement, which will not have a material impact on the company’s governance structure or its ongoing operations, nor will it lead to any change in the company’s controlling rights. However, since the reduction quantity and price will be determined based on conditions in the secondary market, there is some uncertainty. The company reminds all investors to pay attention to investment risks.

The company’s board of directors also emphasized that the party applying for judicial compulsory enforcement will strictly implement the share reduction in accordance with laws and regulations such as the Securities Law of the People’s Republic of China and the Listing Rules for Science and Technology Innovation Board Stocks of the Shanghai Stock Exchange, etc. The company will timely fulfill its information disclosure obligations.

(Data source: Hefei Jingsong Intelligent Technology Co., Ltd., “Announcement on the Passive Share Reduction Plan by a Shareholder Holding More Than 5% of Shares”)

Statement: The market carries risk; investment should be done with caution. This article is automatically published by an AI large model based on third-party databases and does not represent Sina Finance’s viewpoint. Any information appearing in this article is provided only for reference and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcement. If you have any questions, please contact biz@staff.sina.com.cn.

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