Hongfa Co., Ltd. announced that the controlling shareholder of the company, Youge Venture Capital Co., Ltd. directly holds 322 million shares of the company, accounting for 20.80% of the company's total share capital. From September 22 to 23, 2026, Youge Investment handled share pledge, rollover and unpledge services: 11.75 million additional shares were pledged to China Galaxy Securities, and 1.46 million shares originally pledged to Everbright Securities were extended until September 23, 2027; a total of 19.254 million shares were dissolved this time. After the completion of this business, Youge Investment pledged a total of 33.44 million shares of the company's shares, accounting for 10.36% of its shares and 2.15% of the company's total share capital, and there is no risk of liquidation.

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