5-day limit up Sanfangxiang: All company shares held by controlling shareholder have been fully pledged and judicially frozen

People’s Financial News, March 18 — Sanfangxiang (600370) announced on March 18 that from March 12 to March 18, the company’s stock has closed at the daily limit for five consecutive trading days. From March 11 to March 18, the company’s stock has increased by a total of 61.33%. On March 18, the company’s stock turnover rate was 10.65%, further expanding. The company’s main business, profitability, and gross profit margin of products have not undergone significant changes. Due to geopolitical tensions and international energy prices, the prices of major chemical products have experienced significant fluctuations recently. The company’s on-hand orders have been affected by rising raw material costs, and the rapid increase in product prices has weakened downstream customers’ purchasing intentions. The company’s controlling shareholder, Sanfangxiang Group Co., Ltd., and its concerted action partner, Jiangsu Sanfangxiang International Trade Co., Ltd., have all pledged and judicially frozen their holdings of the company’s shares. In the future, if the shares held by Sanfangxiang Group and Sanfangxiang International Trade are subject to judicial disposal, it may lead to a change in the company’s actual control.