Stock Code: 301055
Stock Abbreviation: Zhang Xiaquan
Announcement No.: 2026-045
Zhang Xiaquan Co., Ltd.
Announcement on Change of Shareholding Structure of Shareholder Holding Over 5% and Indirect Equity Change
The Company and the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and are free from any false or misleading statements or material omissions.
Important Notice:
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On June 12, 2026, the People's Court of Fuyang District, Hangzhou City, Zhejiang Province, issued the "Civil Ruling" (2025)浙 0111破52号之十三, approving and recognizing the "Implementation Plan for the Restructuring of Hangzhou Zhang Xiaquan Group Co., Ltd. under the Joint Restructuring Case of Fuchun Holdings Group Co., Ltd. and its Affiliated Companies" (hereinafter referred to as the "Zhang Xiaquan Group Implementation Plan"), and terminating the restructuring proceedings of Hangzhou Zhang Xiaquan Group Co., Ltd. (hereinafter referred to as "Zhang Xiaquan Group").
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Due to the implementation of the "Restructuring Plan for the Joint Restructuring Case of Fuchun Holdings and its Affiliated Companies" (hereinafter referred to as the "Restructuring Plan") and the "Zhang Xiaquan Group Implementation Plan," Hangzhou Fuchuan Investment Co., Ltd. (hereinafter referred to as "Fuchuan Investment") and the labor union of Hangzhou Zhang Xiaquan Group Co., Ltd. legally transferred their 100% equity in Zhang Xiaquan Group to the restructuring investor, Hangzhou Fuyang Pengda Qichen Self-Owned Fund Investment Partnership (Limited Partnership) (hereinafter referred to as "Fuyang Pengda"). After this indirect equity change, Fuyang Pengda indirectly holds 28.2331% of the shares of the listed company through Zhang Xiaquan Group. Fuchuan Investment and the labor union of Hangzhou Zhang Xiaquan Group Co., Ltd. no longer indirectly hold shares of the listed company through Zhang Xiaquan Group.
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As of the disclosure date of this announcement, the company has no controlling shareholder or actual controller. This indirect equity change will not change the status of the company having no controlling shareholder or actual controller, nor will it have a substantial impact on the company's daily production and operation.
Recently, Zhang Xiaquan Co., Ltd. (hereinafter referred to as "the Company" or "the Listed Company") received the "Restructuring Progress Notice" from the administrator of the joint restructuring case of Fuchun Holdings Group Co., Ltd. (hereinafter referred to as "Fuchun Holdings" or "Fuchun Holdings Group") and its affiliated companies, and the "Simplified Equity Change Report" from Fuchuan Investment and the "Detailed Equity Change Report" from Fuyang Pengda. The relevant matters are hereby announced as follows:
I. Reason for the Indirect Equity Change
(I) Overview of the Restructuring of Shareholders Holding Over 5%
The People's Court of Fuyang District, Hangzhou City, Zhejiang Province (hereinafter referred to as the "Hangzhou Fuyang Court") ruled to accept the restructuring application of Zhang Xiaquan Group on June 17, 2025, and on July 28, 2025, ruled to substantively merge and restructure Fuchun Holdings, Zhang Xiaquan Group, and 69 other companies.
To realize the restructuring value of Zhang Xiaquan Group and protect the rights and interests of the vast number of creditors, the administrator publicly recruited a restructuring investor for Zhang Xiaquan Group. Fuyang Pengda was selected as the restructuring investor for Zhang Xiaquan Group. On April 21, 2026, Zhang Xiaquan Group, Fuchun Holdings Administrator, and Fuyang Pengda signed the "Restructuring Investment Agreement." The "Restructuring Investment Agreement" is a part of the implementation of the "Restructuring Plan," and the final confirmation of Fuyang Pengda's participation in the restructuring matters is subject to the court's ruling on the "Restructuring Plan" and the "Zhang Xiaquan Group Implementation Plan."