(Image source: Visual China)

On April 10, CCGong Education Technology Co., Ltd. issued an announcement stating that it received a notice from shareholder Wang Zhendong and learned that it had reduced its holdings by 131 million shares through bulk transactions, accounting for 2.12% of the total share capital of CCG Education.

According to reports, Wang Zhendong is not the largest shareholder or actual controller of China Public Education. Prior to this reduction in holdings, investors in China Public Education and their co-actors held 593 million shares, accounting for 9.62% of the total shares. After the holdings were reduced, shareholding was reduced to 462 million shares, accounting for 7.5% of the total share capital. Of these, shares without conditions of sale were 32.09 million shares, and shares with limited conditions of sale were 430 million shares.

It is worth noting that at the end of March, Wang Zhendong processed the cancellation of pledge and pledge procedures for part of his shares held by China Public Education.

After the pledge, Wang Zhendong pledged 356 million shares, accounting for 76.94% of his shares and 5.77% of the company's total share capital.