Guangxin Co., Ltd. announced that the controlling shareholder of the company, Anhui Guangxin Group Co., Ltd. recently received the “Administrative Penalty Decision” issued by the Anhui Regulatory Bureau of the China Securities Regulatory Commission. It was discovered that from August 10, 2021 to June 20, 2023, the shareholding ratio of Guangxin Group and its co-actors fell from 47.94% to 41.63%, a decrease of 6.31%; on June 15, 2023, when the total shareholding ratio of the co-actors was reduced to 5% due to a major transaction by Guangxin Group, they failed to fulfill their reporting and announcement obligations in accordance with the law. The Anhui Supervisory Authority decided to order corrections, give a warning, and fine of 1 million yuan to Guangxin Group; give a warning to the actual controller, Jin Xiang, and impose a fine of 400,000 yuan. Controlling shareholders under this administrative penalty system do not involve the company and will not affect the company's daily production, operation and business activities.

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