ST VANFUND's major shareholder's stock second judicial auction failed to sell, the company faces the risk of a change in actual controller

On September 23, 2025, the Changchun Intermediate People's Court announced that the second judicial auction of 90,860,000 shares of *ST VANFUND held by its major shareholder WanFangYuan failed to attract any bids. The first auction had also failed, and it was previously withdrawn due to issues with disposal rights. As of the announcement date, 100% of the shares held by WanFangYuan have been pledged and frozen, with 135.41% under pending freezing. If WanFangYuan loses its status as a major shareholder, its voting rights entrustment agreement with Huide Industrial will become invalid, posing risks of changes in the controlling shareholder or actual controller, or the absence of an actual controller. Additionally, the company is under investigation for suspected violations of information disclosure regulations. The company stated that it will closely monitor the developments and disclose information in a timely manner, reminding investors to pay attention to risks