Stock Code: 002431 Stock Abbreviation: ST Palm Announcement No.: 2026-065
Palm Ecological Urban Development Co., Ltd. Announcement on Voluntary Undertaking by Controlling Shareholder Not to Reduce Company Shares
The Company and all members of the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and there are no false records, misleading statements, or material omissions.
Palm Ecological Urban Development Co., Ltd. (hereinafter referred to as the "Company") received on May 11, 2026, the "Undertaking Letter" issued by its controlling shareholder, Henan Yuzhi Baofang Management and Operation Co., Ltd. (hereinafter referred to as "Yuzhi Baofang"). The relevant situation is hereby announced as follows:
I. Main Content of the Undertaking
Henan Yuzhi Baofang Management and Operation Co., Ltd. holds 540,587,433 shares of the Company, representing a shareholding ratio of 29.99% of the total share capital. According to the "Measures for the Administration of the Takeover of Listed Companies" and other relevant regulations, Yuzhi Baofang can no longer increase its holdings in the Company's shares, otherwise it will trigger a mandatory general offer obligation for holding more than 30%.
Considering the current capital market situation, Yuzhi Baofang, as the controlling shareholder of the Company, in order to enhance the confidence of investors, maintain the stability of the capital market, and protect the long-term interests of all shareholders, voluntarily undertakes: within 12 months from May 11, 2026, it will not reduce its holdings of the Company's shares through the secondary market. During the aforementioned commitment period, if the Company undergoes capital reserve increases, stock dividends, or rights issues that result in new shares, this undertaking shall also apply.