Beijing Culture: Shareholder Qingdao Haifa, holding more than 5%, plans to reduce holdings by no more than 3% of shares

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Beijing Cultural Announcement: Shareholder Qingdao Haifa Industrial Investment and Holding Co., Ltd. (holding 49.05 million shares, accounting for 6.85% of the company’s total share capital), which holds more than 5% of the company’s shares, plans to reduce its holdings of the company’s shares by no more than 21.477 million shares (accounting for 3% of the company’s total share capital) within three months after fifteen trading days from the date of this announcement through centralized bidding and block trades. Specifically, it will reduce via centralized bidding by no more than 7.159 million shares (accounting for 1% of the company’s total share capital) and via block trades by no more than 14.318 million shares (accounting for 2% of the company’s total share capital). The reason for the reduction is capital needs for operational development. The source of the shares is public bidding in a judicial auction.
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