Core Viewpoint - The announcement from Gaoling Information (688175.SH) indicates that several shareholders plan to reduce their holdings in the company due to funding needs, which may impact the stock's performance and investor sentiment [1][2]. Shareholder Reduction Plans - Shareholder Qingke and Qingyi No. 1 plan to reduce their holdings by up to 737,127 shares, accounting for no more than 0.5700% of the total share capital of Gaoling Information [2][3]. - Shenzhen Kewirongfa intends to reduce its holdings by up to 654,898 shares, representing no more than 0.5064% of the total share capital [2][3]. - The combined reduction from Hanhu Nalan De, Gaoling Management, and Hanhu Huajin is up to 537,700 shares, which is no more than 0.4158% of the total share capital [2][3]. Shareholding Structure - As of the announcement date, Qingke and Qingyi No. 1 hold 737,127 shares (0.5700%), Shenzhen Kewirongfa holds 654,898 shares (0.5064%), Hanhu Nalan De holds 10,000 shares (0.0077%), Gaoling Management holds 527,000 shares (0.4075%), and Hanhu Huajin holds 700 shares (0.0005%) [3]. - The total shares held by Hanhu Nalan De, Gaoling Management, and Hanhu Huajin as acting in concert is 537,700 shares, accounting for 0.4158% of the total share capital [3]. Company Listing and Financials - Gaoling Information was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 15, 2022, with an initial issuance of 23,226,595 shares at a price of 51.68 yuan per share [3][4]. - The company raised a total of 1.2 billion yuan, with a net amount of 1.11 billion yuan after expenses, which was 392 million yuan less than the originally planned net amount [4]. - The total issuance costs (excluding VAT) amounted to 90.08 million yuan, with underwriting and sponsorship fees of 74.02 million yuan [4]. Dividend Distribution - According to the announcement on May 30, 2024, Gaoling Information plans to distribute a cash dividend of 0.2 yuan per share and a capital reserve increase of 0.4 shares for each share held, resulting in a total of 37,162,551 new shares issued [5]. - The total share capital after the distribution will be 130,068,930 shares, with the record date set for June 5, 2024, and the ex-dividend date on June 6, 2024 [5].

Core Viewpoint - The company has decided to postpone the timeline for certain fundraising projects to ensure better alignment with its development requirements, while maintaining the original investment purposes and scales [4][5][9]. Fundraising Overview - The company raised a total of RMB 1,200,350,429.60 through the issuance of 23,226,595 shares at a price of RMB 51.68 per share, with a net amount of RMB 1,110,273,504.59 after deducting issuance costs [1]. - As of May 31, 2025, the total balance of the fundraising in special accounts is RMB 173,373,500, which does not include RMB 749,000,000 used for cash management in financial products [2][3]. Fundraising Project Status - The total investment amount for the fundraising projects is RMB 106,107,350, with cumulative investments of RMB 25,713,170 as of May 31, 2025 [4]. Reasons for Project Postponement - The postponement is due to delays in project implementation, particularly in the "Internal Security Communication System Upgrade Project" and "Communication Network Information Security and Big Data Operation Product Upgrade Project," caused by external environmental factors and changes in client needs [5][6][8]. Measures to Ensure Completion - The company will adhere to relevant regulations and strengthen the management and supervision of fundraising usage to ensure compliance and effective project implementation [9]. Necessity and Feasibility of Projects - The company has reassessed the necessity and feasibility of the postponed projects, concluding that they remain essential and viable despite the delays [10][11][12][13][14]. Impact of Postponement - The postponement will not materially affect the implementation of the projects or the company's normal operations, and it aligns with the long-term development strategy [15]. Review Procedures - The postponement has been approved by the company's board and supervisory committee, confirming compliance with legal and regulatory requirements [15][16].