Group 1 - The core point of the announcement is that the equity change involving Xiangcai Co., Ltd. does not trigger a mandatory takeover bid and will not change the controlling shareholder or actual controller of the company [2][4]. - The equity change is due to the exchange of convertible bonds "22 Xiang 01EB" and "22 Xiang 02EB," which entered the exchange period on October 28, 2022, and March 23, 2023, respectively, with a total of 37,251,151 shares exchanged from December 4, 2024, to April 18, 2025 [2][4]. - As of April 18, 2025, Xiangcai Co. holds 216,401,857 unrestricted circulating shares, of which 145,406,687 shares are pledged, and there are no other rights restrictions on the shares involved in this equity change [2][4]. Group 2 - The equity change does not violate any laws or regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies [3]. - Following the equity change, there is no requirement for the disclosure of a simplified equity change report or acquisition report summary, as the change does not affect the controlling shareholder or actual controller [4]. - The bondholders of the "22 Xiang 01EB" convertible bonds have fully exchanged their shares, and this bond will be delisted on April 28, 2025, while the "22 Xiang 02EB" remains in the exchange period [4].