ST Minkave: 20.352 million shares held by controlling shareholder Cheng Zongyu will be auctioned off judicially

Minkave announced that the 20.352 million shares held by controlling shareholder Cheng Zongyu will be auctioned by the Beijing First Intermediate People's Court. The number of shares to be auctioned accounts for 26.90% of Cheng Zongyu's holdings, with the auction scheduled from September 16 to September 17, 2025. If the auction is successful and the transfer is completed, Cheng Zongyu's shareholding ratio will decrease to 7.95%, which may trigger a change in the company's actual controller. This auction is due to judicial enforcement resulting from a dispute over the share transfer contract