SF Holding Co., Ltd. disclosed that the combined equity stake of its controlling shareholder, Shenzhen Mingde Holding Development Co., Ltd., and its concerted party, Shenzhen Weishun Enterprise Management Co., Ltd., has been passively diluted from 48.85% to 46.76%.

The dilution stems from SF Holding’s issuance of 225.88 million new H shares to J&T Global Express Limited under a general mandate on 9 June 2026. This placement expanded the company’s total share capital from 5.04 billion to 5.27 billion shares. Because Mingde Holding and Shenzhen Weishun did not participate in the issuance, their aggregate holding remains at 2.46 billion shares, leading to a 2.09-percentage-point reduction in ownership.

Despite the lower percentage, Mingde Holding continues to be SF Holding’s largest shareholder and controlling entity. The company emphasized that the shift is purely mathematical, involves no change in absolute share count, and does not affect corporate control, governance structure, or ongoing operations.

The reporting period for the disclosed change spans 18 September 2025 to 9 June 2026, satisfying Shenzhen Stock Exchange reporting rules that mandate disclosure when a shareholder’s stake moves across each 1% threshold.