POWERLONG CM: The controlling shareholder may sell company shares
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POWERLONG CM announced that its controlling shareholder, POWERLONG Holdings Limited, plans to sell or pledge company shares to support its restructuring of overseas debt. The restructuring plan includes selling or pledging shares to raise USD 40 million or transferring up to 32.4% of shares to creditors. Currently, POWERLONG holds 63% of the company's shares, and the restructuring is not expected to adversely affect the company's operations
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