S.F. Holding Co., Ltd. reported that, on October 24, 2025, controlling shareholder Shenzhen Mingde Holding Development Co., Ltd. completed the partial release of 67 million pledged A shares. These shares represented approximately 2.72% of the controlling shareholder’s total holdings and 1.33% of the company’s overall share capital. Based on the announcement, the released shares were originally pledged on January 25, 2021, and were discharged on October 23, 2025, with CITIC Bank Shenzhen Branch acting as pledgee.

Following this release, Mingde Holding continues to hold 2,461,920,119 A shares of S.F. Holding, representing 48.85% of the company’s total share capital; of these, 837,592,980 remain under pledge. The controlling shareholder maintains a solid credit standing, and the company disclosed no risk of forced liquidation or compulsory transfer related to the pledged shares.