On June 24, Jiangsu Zhongnan Construction Group Co., Ltd. (referred to as "Zhongnan Construction") issued an announcement on the pledge and release of the controlling shareholder's shares.According to the announcement, Zhongnan Urban Investment, the controlling shareholder of Zhongnan Construction, pledged about 10 million shares of Zhongnan Construction, accounting for 0.48% of its shares and 0.26% of the total share capital of Zhongnan Construction.The pledge start date is June 22, 2022, and the expiration date is March 20, 2023. The pledge is for supplementary pledge.
According to the announcement, as of June 24, Zhongnan Urban Investment and its persons acting in concert had pledged a total of 1.627 billion Zhongnan Construction shares, accounting for 78.02% of its shares and 42.52% of the total share capital of Zhongnan Construction.
Zhongnan Construction said that the pledge repayment funds came from Zhongnan Urban Investment's own funds, and Zhongnan Urban Investment has the corresponding solvency of funds and strong anti-risk ability.In addition, Zhongnan Construction further stated that the risk of this share pledge is controllable and has nothing to do with the company's main business and sustainable operation capabilities. Adverse effects do not involve performance compensation obligations.
