Summary by Moomoo AI
Chongqing Hongqiu Fruit Co., Ltd. (“Hongqiu Fruit Products”) announced on 22 May 2024 that Mr. Tang Hongqiu, the company's holding shareholder and chairman, had pledged 19,830,000 shares of its equity holdings on 21 May 2024, representing 5.25% of its total direct shareholding, to Shanghai Pudong Development Bank Co., Ltd. CHONGQING BRANCH, AS A GUARANTEE OF OBTAINING RMB 50,000,000 LOAN FINANCING. The pledged shares represent approximately 11.01% of the total number of shares issued in Hung Kui Fruit. Shanghai Pudong Development Bank Co., Ltd. Chongqing Branch is an independent third party for Hongqiu Fruit and its affiliates. This subordination follows the latest developments following a series of announcements by the Company regarding the pledged shares of its controlling shareholders from April to May 2024.