Kaichun Co., Ltd.: The controlling shareholder, actual controller, and concerted action participant plan to collectively reduce their shareholding by no more than 1% of the company's shares.

On the evening of May 16th, Kaitun Co., Ltd. announced that the controlling shareholder and actual controller Wang Li, who holds 39% of the company's shares, and the concerted action person Xu Lei, who holds 10.5% of the company's shares, plan to collectively reduce their holdings by no more than 800,000 shares of the company through centralized bidding and/or block trading, accounting for 1% of the total share capital of the company. Among them, Wang Li plans to reduce no more than 630,000 shares, accounting for 0.79% of the total share capital; Xu Lei plans to reduce no more than 170,000 shares, accounting for 0.21% of the total share capital. The reason for the reduction is the shareholders' capital needs. The reduction price will be determined based on market prices and will not be lower than the issue price of the company's initial public offering of shares.