Core Viewpoint - The announcement highlights the significant risk associated with the major shareholder, Wan Fang Yuan, having its shares frozen and the potential change in control of Wan Fang Cheng Town Investment Development Co., Ltd. due to an upcoming auction of its shares [1][2][3][4] Group 1: Shareholder Share Freeze - Wan Fang Yuan's shares totaling 90,860,000 have been frozen, representing 100% of its holdings and 29.18% of the company's total share capital [1][3] - The total number of shares subject to judicial freeze amounts to 123,036,503, which exceeds its holdings by 135.41% [1] - The auction of the frozen shares is scheduled to take place from July 22 to July 23, 2025, on the Taobao judicial auction platform [3] Group 2: Control Changes - Following the auction, Wan Fang Yuan will lose its status as the largest shareholder, and the voting rights associated with 80,444,000 shares (25.83% of total shares) will be irrevocably delegated to Hui De Industrial [2][4] - Hui De Industrial will become the controlling shareholder, with the Bai Shan Jiang Yuan District Finance Bureau as the actual controller of the company [2][4] - The potential loss of control raises risks of changes in the controlling shareholder or the absence of an actual controller [2][4]