Red Wall Group: Controlling shareholder Liu Lianjun has reduced his stake by 1%.

Hongqiang Co. announced that the company's controlling shareholder and actual controller, Liu Lianjun, reduced their holdings by 2.1161 million shares through centralized bidding in February 2026, accounting for 1.00% of the total share capital. Their shareholding ratio decreased from 43.85% to 42.85%. The reduction plan has been completed, and it did not result in a change of control of the company. The pre-disclosure announcement of the reduction was released on January 14, 2026.