Hongfa(SH:600885) Xin Lang Cai Jing·2025-11-20 08:47Core Viewpoint - The controlling shareholder, Youge Venture Capital Co., Ltd., is reducing its stake in Hongfa Technology Co., Ltd. through block trading, while the company's total share capital is increasing due to the conversion of "Hongfa Convertible Bonds" and a capital increase plan, resulting in a decrease in the shareholder's ownership percentage from 27.67% to 26.94% [1] Summary by Sections - Shareholder Reduction - Youge Venture Capital Co., Ltd. has reduced its holdings by 2.3952 million shares through block trading from November 3, 2020, to November 19, 2025 [1] - Impact of Capital Changes - The total share capital of the company has increased due to the conversion of "Hongfa Convertible Bonds" and the implementation of a capital increase plan, leading to a passive dilution of Youge's shareholding [1] - Ownership Structure - The change in ownership percentage does not trigger a mandatory tender offer and will not lead to changes in the company's controlling shareholder or actual controller, nor will it affect the company's governance structure and ongoing operations [1]