Han Merchant Group: Stock trading has experienced abnormal fluctuations for three consecutive days, indicating multiple risks.

Hanshang Group announced that the closing price of the company's stock deviated by more than 20% for three consecutive trading days on January 16, 19, and 20, 2026, indicating abnormal volatility. After self-examination, the company found no significant changes in its daily operations or major events during this period of abnormal volatility, and the controlling shareholder did not buy or sell any company stocks. The company advised the market to pay attention to trading activities, major developments, and the risks associated with the controlling shareholder's stock pledges. The controlling shareholder, Zhuoer Holdings, and its concerted actor Yan Zhi collectively hold 92,594,710 shares, accounting for 31.38% of the total capital stock, with a cumulative pledge of 30,540,000 shares, accounting for 32.98% of the total holding, representing 10.35% of the total capital stock, and there is currently no risk of margin call.