ELEPHANT HLDGS (08635) announced that the board of directors was notified by Perpetual (wholly owned by Executive Director Ms. Di Xiaoguang and the company's controlling shareholder) of a further sale of 115 million shares (the Second Disposal) through on-market transactions on the Stock Exchange platform between September 24, 2025, and October 27, 2025. Prior to the Second Disposal, Perpetual held 283 million shares, representing approximately 59.06% of the issued shares. Following the Second Disposal and as of the date of this announcement, Perpetual holds 168 million shares, accounting for 35% of the issued shares, and remains the controlling shareholder of the company.