Hillstone Networks(SH:688030) Shang Hai Zheng Quan Bao·2025-08-15 19:37Core Viewpoint - The announcement details a change in the equity stake of a major shareholder, Guochuang Kaiyuan Equity Investment Fund, which has reduced its holding in Shanshi Network Technology Co., Ltd. from 6.58% to 5.00% due to share dilution and share reduction through trading [2][3][4]. Summary by Sections 1. Basic Situation of Equity Change - The equity change is a result of Guochuang Kaiyuan's reduction of shares and passive dilution due to the conversion of convertible bonds, which does not trigger a mandatory tender offer [2][3]. - Prior to the change, Guochuang Kaiyuan held 11,859,118 shares, representing 6.58% of the total shares. After the change, it holds 9,011,636 shares, representing 5.00% [2][4]. 2. Details of the Equity Change - The passive dilution occurred when the company issued convertible bonds that entered the conversion period on September 28, 2022, increasing the total shares from 180,223,454 to 180,232,718 [3][4]. - Guochuang Kaiyuan reduced its holdings through centralized bidding, selling 1,796,894 shares from November 13, 2024, to February 7, 2025, and an additional 1,050,588 shares from July 23, 2025, to August 13, 2025 [4][12]. 3. Impact of the Equity Change - The equity change will not significantly affect the company's governance structure or ongoing operations, nor will it result in a change in the status of the controlling shareholder [2][7][12]. - The shareholder has confirmed that the equity change does not require approval from relevant authorities and does not impose additional conditions [9][12]. 4. Future Plans - As of the report date, Guochuang Kaiyuan has no plans to increase its stake in Shanshi Network Technology within the next 12 months [13][14].