合兴包装：持股5%以上股东及其一致行动人权益变动触及1%

Core Viewpoint - The announcement from Hexing Packaging indicates significant changes in the shareholding structure due to the actions of major shareholders, which may impact the company's stock performance but does not affect its control or governance structure [1] Shareholding Changes - From August 13 to November 14, 2025, major shareholder Xia Ping and his concerted parties experienced a change in equity that triggered a shift of more than 1% [1] - During this period, a total of 290,893 convertible bonds were converted, leading to an increase in total share capital and a dilution of Xia Ping's shareholding from 8.9812% to 8.9117% [1] - Between August 19 and November 14, they reduced their holdings by selling 41,309,764 shares, which accounted for 3.4045% of the total shares, resulting in a further decrease in their shareholding to 5.5072% [1] Impact on Company Structure - The changes in shareholding do not affect the company's control, governance structure, or ongoing operations, indicating stability despite the reduction in major shareholder stakes [1]