Core Viewpoint - Zhang Xiaoqin (301055) announced that its controlling shareholder, Hangzhou Zhang Xiaoqin Group Co., Ltd., received a warning letter from the Zhejiang Securities Regulatory Bureau due to a significant reduction in its shareholding caused by judicial auction [1] Group 1: Shareholding Changes - The controlling shareholder's shareholding in Zhang Xiaoqin decreased by 31.96 million shares, accounting for 42.05% of its holdings before the judicial auction [1] - The reduction in shares violated the commitment made during Zhang Xiaoqin's IPO regarding shareholding intentions and reduction intentions [1] Group 2: IPO Commitments - According to Zhang Xiaoqin's prospectus, the controlling shareholder committed to not reducing more than 25% of its total shareholding in any given year within two years after the lock-up period [1] - Zhang Xiaoqin was listed on September 6, 2021, and the controlling shareholder held 76 million shares until the first quarter of 2025 without any reductions [1] Group 3: Judicial Auction Details - From May to June of this year, individuals Yang Tao and Shanghai Tuyu Chengxiang acquired 3.2 million shares and 28.7563 million shares, respectively, through judicial auctions, leading to the passive reduction of shares by the controlling shareholder [1] Group 4: Regulatory Response - Following the warning letter, the controlling shareholder expressed intentions to strengthen compliance awareness and fulfill related commitments, with a written report to be submitted to the Zhejiang Securities Regulatory Bureau [1] - The company stated that the regulatory measures are directed at the controlling shareholder and will not affect the normal operations of the listed company [1]

Group 1 - The stock price of Zhonggang Luonai (688119) closed at 3.78 yuan on May 23, 2025, down by 0.26%, with a turnover rate of 0.94% and a trading volume of 54,000 shares, amounting to a transaction value of 20.664 million yuan [1] - On May 23, the net inflow of main funds was 2.4922 million yuan, while retail investors experienced a net outflow of 2.5308 million yuan [3] - The controlling shareholder and its concerted parties voluntarily committed not to reduce their holdings in Zhonggang Luonai shares for 12 months starting from June 6, 2025, to enhance investor confidence [1][3] Group 2 - Zhonggang Luonai's wholly-owned subsidiary, Zhonggang Group Luoyang Refractory Materials Research Institute, is expected to receive a government subsidy of 15.2405 million yuan, which is related to revenue [2] - As of the announcement date, the company has already received a total of 7.4064 million yuan in government subsidies from January 2025 to the announcement date [2] - The government subsidies are classified as revenue-related and are expected to have a positive impact on the company's profits [2]