China Tianbao Group Development's (HKG:1427) controlling shareholder Jixiang International Industrial pledged 263,380,800 company shares to Ninety Nine Dragons as collateral for a $45 million loan facility, a Wednesday bourse filing said.
Jixiang International Industrial owns a 67.66% stake in the property development company, while the pledged shares represent around 30% of the company's issued share capital.
Jixiang International Industrial is the security agent for the loan facility.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.