Hongqi Chain: Shangtou Investment acquires shares to become the controlling shareholder, and the continuing supervision period is about to expire.

Red Flag Chain announced that on December 20, 2023, Shangtou Investment respectively signed a share transfer agreement with Cao Shiru, Cao Zengjun, and Yonghui Supermarket, acquiring 230 million shares, accounting for 16.91% of the total share capital; Cao Shiru and Cao Zengjun also relinquished 282 million voting rights. On November 11, 2024, the transfer of the target shares was completed, and the controlling shareholder of the company changed to Shangtou Investment, with the actual controller becoming the Sichuan State-owned Assets Supervision and Administration Commission. During the continuous supervision period, the acquirer and the company operated in accordance with the law, the acquirer fulfilled its commitments and follow-up plans, and the company did not provide guarantees or loans to the acquirer or its related parties. On September 24, 2025, the company appointed Tan Liu as the secretary of the board of directors. The continuous supervision ended on November 11, 2025.