Mountain High Holdings (00412) responds to the concentrated ownership of shares, stating that the company is able to comply with the public shareholding requirement.

Wisdom Financial News APP reported that Shangao Holdings (00412) issued an announcement stating that the company has noted that the Securities and Futures Commission (SFC) published a notice on September 18, 2025 (SFC Notice). As disclosed in the SFC Notice, the SFC recently conducted an inquiry into the shareholding of the company. The inquiry results from the SFC showed that as of September 1, 2025, twenty shareholders collectively held 1.445 billion shares of the company, equivalent to 24.00% of the issued shares. Including the shares held by the two main shareholders of the company totaling 4.121 billion shares (accounting for 68.46% of the issued shares), equivalent to 92.46% of the issued shares. Therefore, only 454 million shares (7.54% of the issued shares) are held by other shareholders.