Sunshine City: The controlling shareholders, Sunshine Group and Kangtian Industry, passively reduced their holdings by about 41.4 million shares

Beijing News (reporter Rao Shuwei) On January 17, Sunshine City Group Co., Ltd. (hereinafter referred to as "Sunshine City") issued an indicative announcement on the passive reduction of shares held by controlling shareholders.

According to the announcement, during the period from December 7, 2021 to December 10, 2021, Fujian Sunshine Group Co., Ltd. (hereinafter referred to as "Sunshine Group"), the controlling shareholder of Sunshine City, and Fujian Kangtian Industrial Group Co., Ltd. (hereinafter referred to as "Kangtian Industry"), because the proportion of the guarantee for the maintenance of some of their accounts was lower than the closing line, passively reduced their holdings of about 41.4038 million shares of the company through centralized bidding, accounting for 0.99% of the total share capital of the company.

After the above-mentioned reduction, Sunshine Group holds a total of about 675 million shares in Sunshine City, accounting for 16.31% of the total share capital, and Kangtian Industrial holds about 390 million shares in Sunshine City, accounting for 9.42% of the total share capital.

The announcement shows that the reduction of this centralized bidding method is a passive reduction of Sunshine Group and concerted actors. Sunshine Group and the concerted actors have been actively communicating and coordinating with creditors, and in accordance with the requirements of the pledgee, carry out debt rollover, fundraising and other related measures to reduce the adverse impact of the passive reduction of shares.

Sunshine City said that the passive reduction will not have a substantial impact on the company's governance structure and continuing operations, nor will it directly lead to a change in the company's control.

Beijing News reporter Rao Shuwei

Edited by Juanjuan Yang Proofreader Jia Ning