On 1 April 2026, SF Holding disclosed that its controlling shareholder, Shenzhen Mingde Holding Development Co., Ltd. (Mingde Holding), pledged an additional 10.00 million A shares on 31 March 2026 to China CITIC Bank Shenzhen Branch for financing purposes.

Following the transaction, Mingde Holding’s pledged shares rose to 863.09 million, representing 35.06% of its total shareholding and 17.13% of SF Holding’s overall share capital. Prior to this pledge, 853.09 million shares were already pledged.

Mingde Holding remains the largest shareholder with 2.46 billion A shares, equal to 48.85% of SF Holding’s total issued share capital (including both A and H shares). No portion of either the pledged or unpledged shares is subject to freezing, and the company reports that Mingde Holding’s credit profile and repayment capacity are sound, keeping pledge‐related risks within a controllable range.

The company confirmed that the newly pledged shares do not involve any performance compensation obligations linked to significant asset restructurings.