Major shareholder Zhang Xiaoquan Inc. received a warning letter from the Zhejiang Securities Regulatory Bureau.

Zhang Xiaoquan Inc. (301055.SZ) announced that its controlling shareholder, Hangzhou Zhang Xiaoquan Inc. Group Co., Ltd. (referred to as "Zhang Xiaoquan Inc. Group"), recently received a decision from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission to issue a warning letter to Hangzhou Zhang Xiaoquan Inc. Group Co., Ltd. The company's holding of Zhang Xiaoquan Inc. shares decreased by 31.9563 million shares, accounting for 42.05% of its holding before the judicial auction. This behavior violated the commitment made by Zhang Xiaoquan Inc. when it first went public and listed on the GEM regarding holding and reducing its shareholding intentions.